RI Real Estate Salesperson Admits to Pre-Qualification Letter Fraud - Fined, Placed on Probation
GoLocalProv Business Team
RI Real Estate Salesperson Admits to Pre-Qualification Letter Fraud - Fined, Placed on Probation
Chad Raiche, who has had his Real Estate Salesperson licence in Rhode Island since January 2020, has agreed to pay $2,000, payable to the Rhode Island General Treasurer’s office.
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About Case
“On or about July 21, 2025, the Department received a complaint that [Raiche] had created a fraudulent pre-qualification letter for his client, purportedly having been issued from Westerly Community Credit Union,” according to the consent order document signed by DBR and Raiche.
“The investigation revealed that [Raiche] had altered a previously issued pre-qualification letter issued to another client from Westerly Community Credit Union and changed the borrower's name and prequalification purchase price.”
Raiche agreed in the document that all of those statements were true.
“The fraudulent letter was discovered when the selling agent attempted to verify with the credit union, who reported no record of any such client,” the consent order continues. “[Raiche] admitted to having altered the letter to qualify his client to view a property. He readily admits his lapse of professional [judgment] and takes full responsibility for his actions in violation of R.I. Gen. Laws§ 5- 20.5-14(a)(l) & (20). “
Raiche has been ordered to pay a $2,000 administrative penalty and he “further agrees to a one-year probation of his license whereas he will observe all statutes and regulations to maintain his license in good standing.”
When reached for comment, Raiche declined to discuss the issue.