{"id":13365,"date":"2015-07-02T12:47:10","date_gmt":"2015-07-02T19:47:10","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=13365"},"modified":"2015-07-02T12:48:27","modified_gmt":"2015-07-02T19:48:27","slug":"citizen-of-the-year-sentenced-to-14-years-for-multi-million-dollar-real-estate-fraud","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=13365","title":{"rendered":"“Citizen of the Year” Sentenced to 14 Years for Multi-Million-Dollar Real Estate Fraud"},"content":{"rendered":"
\"Kelly<\/a>
Kelly Gearhart<\/figcaption><\/figure>\n

LOS ANGELES<\/strong><\/p>\n

\n

A judge today sentenced a \u00a0real estate developer who formerly resided in Atascadero to 14 years in federal prison after he plead guilty to fraud and money laundering charges for bilking investors who put money into Central Coast real estate projects, officials said.<\/p>\n

Kelly Gearhart<\/strong>, 53, who currently resides in Wadsworth, Ohio, plead guilty to two counts of wire fraud and one count of money laundering.<\/p>\n

U.S. District Judge Otis D. Wright II<\/strong> remanded Gearhart into custody after he was sentenced.<\/p>\n

Gearhart was named Atascadero, California\u2019s \u201cCitizen of the Year\u201d in 2006,<\/strong> officials said.<\/p>\n

The plea agreement permits prosecutors to seek restitution for victims of the Vista Del Hombre real estate development project, as well as any other fraudulent conduct in which Gearhart may have been involved \u2013 a figure that may be as high as $20 million.<\/p>\n

However, it is unclear if there is any money available to repay victims, according to authorities.<\/p>\n

Also in his\u00a0plea agreement, \u00a0Gearhart admitted that he made misrepresentations and omissions relating to the Vista Del Hombre real estate development project to dupe victims into giving him their money.<\/p>\n

Gearhart was initially charged in a 16-count indictment returned by a federal grand jury in 2012.<\/p>\n

The indictment alleged that Gearhart told investors that their investments \u2013 which he called loans and promised would be paid back with interest \u2013 were secured by specific lots.<\/p>\n

However, officials said Gearhart admitted that he sold lots associated with the Vista Del Hombre real estate development project, even though those lots were being used to secure others\u2019 loans.<\/p>\n

Gearhart further admitted that he used those same lots to obtain bank financing.<\/p>\n

The case against Gearhart is related to a case against James Hurst Miller Jr., the former president of the Atascadero-based Hurst Financial Corporation.<\/strong><\/p>\n

Miller, who previously pleaded guilty to fraud and money laundering charges, is scheduled to be sentenced \u00a0on September 8.<\/p>\n

The cases against Gearhart and Miller are the result of an investigation by the FBI and IRS – Criminal Investigation.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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