A former local real estate mogul and former Atascadero Citizen of the Year has been released from federal prison. Kelly Gearhart led a Ponzi scheme that defrauded hundreds of investors out of millions of dollars. Some lost their life savings. According to the Tribune, Gearhart pleaded guilty to two counts of wire fraud and one count of money laundering in 2014. He was sentenced to nine years in prison. He was released a year early following an appeal.
