Central California man accused of defrauding real estate investors
Federal prosecutors in Los Angeles have charged a Central California man with fraud and money laundering for allegedly defrauding investors in three real estate development projects.
James Hurst Miller Jr., 63, former president of Atascadero-based Hurst Financial Corp., was accused of misappropriating money from investors who backed development projects in Paso Robles and Templeton.
Prosecutors allege that Miller used investor money to make interest payments to early investors and on other projects in which they had not agreed to invest.
Investors lost millions of dollars in the fraud but prosecutors have not yet determined a specific loss, said Thom Mrozek, spokesman for the U.S. attorney’s office in Los Angeles.
If convicted of all charges, Miller could face up to 80 years in federal prison.
-- Stuart Pfeifer