Advertisement

Central California man accused of defrauding real estate investors

Share

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

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.

Advertisement

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.

RELATED:

Delinquent loans on the rise again, a grim sign for housing

Mortgage rates set fresh record low, Freddie Mac says

California home prices and sales fall in July

Advertisement

-- Stuart Pfeifer

Advertisement