Posted: Oct 8, 2013 12:21 PM by Katherine Worsham, KSBY News
Updated: Oct 8, 2013 10:51 PM
A San Luis Obispo jury on Tuesday ruled in favor of three title companies that were being sued by a group of investors who claim they lost millions of dollars in a fraudulent real estate scheme allegedly led by builder Kelly Gearhart.
It's alleged that between 2004 and 2008, Gearhart helped James Miller of Hurst Financial solicit approximately $73 million from private investors for 25 real estate development projects, which were never built.
Eight investors sued Cuesta Title Company, Stewart Title of California and Stewart Title Guaranty, alleging the escrow companies knew Gearhart and Miller were committing fraud. The jury ruled in favor of the defense.
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