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

Robert Richards, 54, 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 of which bounced. Then he actually paid him through a credit card and that didn't work either," Sheriff's Spokeswoman Dena Erwin said. 

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.

Photo: Placer County Sheriff's Office