California Real Estate Fraud Report

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22
Oct

Lender for Kelly Gearhart gets 7 years for role in the Ponzi scheme

James Hurst Miller, 67, a North County lender who was a middleman for developer Kelly Gearhart, has been sentenced to seven years in federal prison for his participation in the Ponzi scheme that defrauded hundreds of area investors, according to the U.S. Attorney’s Office for the Central District of California.

Miller had agreed to testify against Gearhart, who was sentenced to 14 years in federal prison last July.

Gearhart was a prominent developer and former Atascadero Citizen of the Year who began committing fraud in 2004, according to the U.S. Attorney’s Office. Miller helped Gearhart raise money from investors with his firm, Hurst Financial Corp. for large developments, such as Vista Del Hombre, a Paso Robles golf course. Eventually, both men misused the investors’ money, spending it on themselves.

Read the original article in the San Luis Obispo Tribune.

There are many earlier postings about this case that you can find by searching the California Real Estate Fraud Report.

 

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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