The man behind last year's hydroplane races at Folsom Lake has been arrested in a fraud investigation. 

Fifty-four-year-old Robert Richards, the promoter of Big Wake Weekend, was taken into custody at his Folsom home after Placer County Sheriff's deputies served a search warrant.  The investigation kicked off after vendors reported they'd still not been paid.

"One vendor that was owed almost $200,000 was hounding him, apparently, for the money, so he paid him with a couple of checks, both which bounced.  Then he actually paid him through a credit card and that didn't work either" said Sheriff's Spokeswoman Dena Erwin.

Erwin says Richards did post $10,000 bail. Last year's event was a pretty big deal - it marked the return of a form of racing not seen here for decades.

Richards' 2014 event is scheduled to take place at Camp Far West in Lincoln.