Alleged real estate swindler pleads no contest
Former Paso Robles lender Linda Ann Kennedy of 21st Century Financial in Paso Robles plead no contest on Tuesday to four felony counts related to fraudulent lending practices, Cal Coast News reports.
Kennedy, 49, allegedly swindled more than 1,000 investors out of millions in a lending scheme involving hard money. In August 2007, when she closed the firm, the company held a $100 million real estate portfolio. Even so, the San Luis Obispo County District Attorney’s Office charged her with having caused a loss of $1.3 million to numerous investors.
On Dec. 4, Superior Court Judge Barry T. LaBarbera will hand down sentencing which he indicated will likely be a five-year stint in the San Luis Obispo County Jail. He said he will require Kennedy to pay full restitution to all victims in the case.
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