Paso Robles lender facing five years in jail

November 10, 2012

Linda Kennedy

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.

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.

In 2009, Kennedy fled for Costa Rico where she stayed for two years before returning to the United States.

Following an extensive four-year investigation by the California Department of Corporations and the San Luis Obispo County District Attorney’s office, Kennedy was arrested on July 16 in Tennessee. She was later extradited back to California and booked into the San Luis Obispo County Jail with no bail.

Kennedy has remained in jail with her personal assets frozen, including real estate, bank accounts, all other financial accounts, vehicles and any and all other things of value, whether the assets have been specifically listed or identified or not.

 


15 Comments

  1. willieslo says:

    As I re-look at her photo she has a trustworthy appearance.
    And I am sure she has a trustworthy credential to back her.
    Who can you trust now days?

    Like or Dislike: Thumb up 5 Thumb down 2

    • RU4Real says:

      willieslo, “TRUSTWORTHY APPEARANCE” ! What are you talking about? Just take a look at those EYES….She looks like a con artist to me…

      Like or Dislike: Thumb up 2 Thumb down 3

  2. Black_Copter_Pilot says:

    The RPL trial is coming up in Feb. It will be interesting to see what Rod Jarmin has to endure

    Like or Dislike: Thumb up 7 Thumb down 0

  3. willieslo says:

    5 years for $1.3 million
    CRIME PAYS!

    Like or Dislike: Thumb up 9 Thumb down 1

    • RU4Real says:

      She deserves a LOT more than 5 years..Has anyone given ANY thought to her VICTIMS? What are the “chances” she’ll even be ABLE to pay restitution? The 2 years in Costa Rico did NOT come cheap…

      Like or Dislike: Thumb up 3 Thumb down 2

  4. willieslo says:

    “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 (caused a loss of $1.3 million to numerous investors)

    I would like for us all (including Judge LaBarbera) to see the day she pays full restitution. Neither the judge, the culprit, victims, or any of us will live that long (this was probably bargained for before she returned to the US)!!!

    Like or Dislike: Thumb up 17 Thumb down 1

  5. fat chance says:

    What happens to all her cohorts? They all are guilty…………

    Like or Dislike: Thumb up 16 Thumb down 1

  6. pasoparent5 says:

    A mere five years in SLO County Jail? Sounds pretty good compared to prison–which is where she belongs. If she serves her whole sentence, she’ll only be 54 when she gets out…still young enough to dig up her hidden cash and fly back to Costa Rica.

    Like or Dislike: Thumb up 21 Thumb down 2

  7. hotdog says:

    She’ll never pay any restitution, she should get 185 years or the needle.

    Like or Dislike: Thumb up 15 Thumb down 6

  8. BeenThereDoneThat says:

    The latest round of sentencing (unless further delayed) for Jay Miller was suppose to be this past Oct. 29, about two weeks ago. Anyone here anything on that??

    Like or Dislike: Thumb up 14 Thumb down 0

    • Mr. Holly says:

      Got continued to May. Something must be cooking. I think that they are going after some big dogs.

      Like or Dislike: Thumb up 13 Thumb down 0

      • BeenThereDoneThat says:

        Are you kidding!!??? They already postponed from March to June. Then to Oct. 29 and now next May?? I hope you’re right about big dogs. I have NEVER seen sentencing put off this much.

        Like or Dislike: Thumb up 13 Thumb down 0

  9. Mr. Holly says:

    Why can’t they go to Wadsworth, Ohio and do the same?

    Like or Dislike: Thumb up 25 Thumb down 1

    • SmilingJack says:

      There are some very high up involved and a Las Vegas component also. I”m sure it’s like a spider web, the more info they get the wider that web gets. That’s why they’re extending Miller’s time before he has sentencing, also Gearhart’s hearing. Probably some people sweating bullets behind the scenes. Not all info comes out all at once. All depends how far the defendant is willing to put their safety or loved ones safety on the line to give up names. I’d say they know they are in a bad place. Between a rock and a hard place so to speak. Well deserved. Their egos told them they could get away with all this corruption, cause everybody else is stupid. Trouble with that line of thinking, big egos make alot of mistakes so it usually doesn’t work well. They think they are superior mentally to everyone else.

      Like or Dislike: Thumb up 19 Thumb down 1

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