Sentencing of the Paso Robles man charged with federal fraud and money laundering offenses after bilking investors out of money for Central Coast real estate projects has been delayed.
James Hurst Miller Jr., 63, former president of Atascadero-based Hurst Financial Corp. will now be sentenced in U.S. District Court on Oct. 29. He was scheduled to be sentenced June 25.
Miller was charged in August 2011 with four crimes in U.S. District Court. Those allegations are mail fraud, wire fraud, money laundering and making a false statement to a bank.
Miller is said to have taken millions of dollars from investors for real estate projects and siphoned that money for other purposes.
The case alleged that Miller solicited investments in the Beacon Road and Vista Del Hombre real estate development projects in Paso Robles, as well as the Salinas River real estate development project in Templeton.
The solicitations were fraudulent because the funds were not used to develop those projects, prosecutors say. Federal prosecutors claim Miller failed to disclose that he was using investor money to pay off loans and other development projects as well as making false statements relating to collateral when applying for a loan.