Thursday, December 18, 2014     Volume: 29, Issue: 21
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New Times / News

The following article was posted on November 15th, 2012, in the New Times - Volume 27, Issue 16 [ Submit a Story ]
The following articles were printed from New Times [newtimesslo.com] - Volume 27, Issue 16

Paso lender faces five years for fraud

BY NICK POWELL

Linda Ann Kennedy, former president of 21st Century Financial Resources, Inc., pleaded no contest on Nov. 6 to four felony counts and 10 special allegations related to fraudulent practices involving hard money loans on real estate projects throughout San Luis Obispo County, according to a press release from the District Attorney’s Office. The crimes occurred between 2006 and 2007 and caused a loss of more than $1.3 million to numerous victims, prosecutors said.

As far as sentencing goes in criminal proceedings, a plea of no contest has the same effect as pleading guilty. Kennedy is due back in court on Dec. 4, and SLO County Superior Court Judge Barry LaBarbera indicated that he’ll likely put her behind bars for five years, according to the release.

Kennedy was first charged in March and was arrested in Tennessee in July. Investigators traveled across the country to bring her back to the San Luis Obispo County jail.

As of press time, Kennedy remains in custody on $1.3 million bail. Her assets have been frozen.