By KAREN VELIE Editor’s note: This is the first in a three-part series about the evolution of notorious developer Ryan Wright, also known as Ryan Petetit,
Editor’s note: This is the first in a three-part series about the evolution of notorious developer Ryan Wright, also known as Ryan Petetit, and the legal challenges he is currently facing.
A 15-year veteran of the Pismo Beach force, in 2003, Robert Petetit lost his job after he was caught stealing $1,562 from a police evidence locker. Superior Court Judge Barry LaBarbera sentenced the former officer to 30 days in jail. In 2008 and 2009, banks were foreclosing right and left on residential properties. Petetit knew multiple people who were behind on their mortgage payments and threatened with foreclosure. Along with a partner, he created a business which allegedly negotiated deals with banks in order to help homeowners lower their debt and possibly save their homes.
Belsher and Petetit began securing money from banks, hard money lenders and investors for multiple construction projects. While subcontractors claimed they were not getting paid and Petetit was bouncing personal checks, Belsher and Petetit lived lives of luxury.The developers leased a private jet and purchased box seats at Giants’ games, as Petetit courted wealthy businessmen to invest in his and Belsher’s PB Companies’ projects.
However, Rush Sheppel, an investor in the San Carlos Drive property, said the developers told him their plans were to construct a home for Petetit to occupy. After a new home would be constructed on the lot, Petetit would get a mortgage to pay back the investors, Sheppel said. In Jan. 2014, Petetit demolished the home. Following the demolition, the city slapped him with several notices of violation and an administrative citation, according to superior court records.
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