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2009

Gearhart files bankruptcy

Written on 12 Feb, 2009 in Uncovered SLO | 2 comments

By KAREN VELIE Kelly Gearhart, a North County developer with ties to hard money lender Hurst Financial, has filed for Chapter 7 bankruptcy protection in Ohio. Gearhart and his wife, Tamara Lowe, filed the bankruptcy petition on Wednesday, stating $6.5 million in... (Continue reading)

Deputies seeking sheriffs’ union split

Written on 10 Feb, 2009 in Uncovered SLO | 3 comments

By KAREN VELIE Members of the county’s largest and most influential union have mounted an aggressive campaign to divide the Deputies Sheriff’s Association (DSA) into two separate unions. If the action is successful, one union would be comprised of sworn peace officers,... (Continue reading)

Developer blames downturn in the market

Written on 7 Feb, 2009 in Uncovered SLO | One comment

Robert Fowler forgot to pay some taxes on his 100 acre property near the Santa Margarita Ranch development. In 2005, at the top of the market, Fowler failed to pay $619,000 in taxes and penalties. While Tom Daschle threw his... (Continue reading)

EFI victims question attorney’s actions

Written on 4 Feb, 2009 in Uncovered SLO | 6 comments

By KAREN VELIE and DANIEL BLACKBURN An attorney with a prominent San Luis Obispo law firm who injected himself into the ongoing hard money lending scandal has assembled a group of investor clients with apparently competing interests. Roger Frederickson of the Sinsheimer... (Continue reading)

Guth, Yaguda still stewing; more arrests hinted

Written on 30 Jan, 2009 in Uncovered SLO | 5 comments

By KAREN VELIE Prosecutors and defense attorneys today asked a judge to postpone arraignment and bail hearing for Estate Financial Inc. principles Karen Guth and Joshua Yaguda for the fourth time. San Luis Obispo Superior Court Judge Charles Crawford agreed to... (Continue reading)

EFI investor prospects dismal

Written on 28 Jan, 2009 in Uncovered SLO | 6 comments

By KAREN VELIE and DANIEL BLACKBURN Investors in both the Estate Financial Mortgage Fund (EFMF) and Estate Financial Inc (EFI) received gloomy reports from trustees regarding recouping investments through the bankruptcy court. The bad news was contained in a letter sent... (Continue reading)

War of the Hedges

Written on 21 Jan, 2009 in Uncovered SLO | 5 comments

By KAREN VELIE San Luis Obispo County Sheriff deputies responded Monday to a domestic disturbance call at the North County home of Sheriff Pat Hedges and his wife, Sandy Oneal-Hedges, according to the sheriff’s log. Sandy Oneal-Hedges called 911 at 5:36 p.m.... (Continue reading)

The day this news site’s world stood still

Written on 21 Jan, 2009 in Uncovered SLO | 4 comments

By THE EDITORS On a warm afternoon last August, this news site nearly died. It is only because of a considerable confluence of coincidental events, and perhaps some kind of divine intervention, that we are here today to report the events... (Continue reading)

Heritage Oaks Bank files big foreclosures

Written on 17 Jan, 2009 in Uncovered SLO | One comment

By KAREN VELIE and DANIEL BLACKBURN Heritage Oaks Bank has filed foreclosure notices against developer Kelly Gearhart’s Vista Del Hombre project, as well as Karen Guth and Joshua Yaguda’s Pasolivio Olive Ranch. Bank officials did so despite a state move on all... (Continue reading)

ESTATE FINANCIAL UPDATE: Conflicts of interest?

Written on 11 Jan, 2009 in Uncovered SLO | 11 comments

By KAREN VELIE Several key players in a hard money lender’s federal bankruptcy proceedings have apparent conflicts of interest, a situation which may further complicate investors’ efforts to recover hundreds of millions of dollars in lost assets. Trustees appointed by the Santa... (Continue reading)