Man planning iconic hotel indicted
11alive.com
6:36 PM, Mar 21, 2011 | 1 comments
GWINNETT COUNTY, Ga -- The Dacula
resident who is proposing a massive ferris
wheel shaped hotel for Gwinnett County is
under indictment in Oconee County for
alleged fraud against investors.
Richard Beaton of Escapades International,
Inc. faces 15 counts including forgery, theft
by taking and violating the Georgia
Securities Act.
Oconee County Sheriff's Office investigator
Lt. David Kilpatrick says Beaton was talking
about his plans for a major restaurant in
Gwinnett County back in 2007. Several
investors came forward to authorites saying
that when they asked for their money back
Beaton wrote them bad checks totaling
more than $300,000.
In another case Kilpatrick said Beaton
showed a bogus $1 million bank deposit to
Escapades International, Inc. to try to
secure an investiment.
"Since then we have been investigating Mr.
Beaton and the grand jury has come back
with an indictment that covers findings from
our initial investigation and more,"
Kilpatrick said.
Last week, Beaton showed 11 Alive
News his ambitious plans for 421 acres
between the the Mall of Georgia and the
Gwinnett Braves Baseball Stadium.
Beaton said then that he had investors
ready to sign on the dotted line to pay for a
futuristic, disc-shaped $115 million hotel
with 23 stories. He also has plans for an
800-seat Mardi gras style restaurant.
Kilpatrick said it is that same restaurant
that several investers in Oconee County
agreed to finance back in 2007. When
they backed out, authorites say Beaton left
them high and dry.
Advertisement Written by
Duffie Dixon
FILED UNDER
Local News Headlines
Top Stories Today
Crime Reports
COMMUNITIES
buford
duluth
lawrenceville
Beaton now admits he failed to mention
that he was under indictment when he met
with 11Alive News last week, but says the
whole thing is a legal misunderstanding.
"I was not in the position to be able to pay
them off until the end of last year. Now
that I'm able to pay them off the DA has
not let me do that. He will not drop the
case," said Beaton.
Lt. Kilpatrick said Oconee County's new
District Attorney, David Lock, has
extensive knowledge about securities
fraud.
"When [Lock] took a look at the case, he
decided to have a grand jury weigh on
it. Our fear is that Beaton was running a
large scheme and that may still be going
on," said Kilpatrick.
Beaton insists current investors for his
project know about the indictiment
and understand that part of the agreement
is to allow him to pay up former investors
first.
"The hotel and restaurant can definitely still
happen. My investors are aware that I am
trying to get things in order so that we can
move forward," said Beaton. |
