Saturday, July 23rd, 2016

Real Estate Developer Pleads Guilty to Fraud

Atascadero Citizen of the Year and former real estate developer Kelly Gearhart pleaded guilty yesterday in the federal court in Los Angeles to fraud and money laundering charges after scamming investors of up to $20 million. Gearhart, currently living in Wadsworth, Ohio, accepted a plea agreement in which he plead guilty to two counts of wire fraud and one count of money laundering. Prosecutors are going to seek a federal prison sentence of more than 11 years and restitution be paid to his victims.