Paso Robles lender Linda Kennedy in jail

July 24, 2012

Linda Kennedy

Former Paso Robles lender Linda Ann Kennedy of 21st Century Financial in Paso Robles is slated to be arraigned today on four felony counts in the San Luis Obispo County Superior Court.

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.

Hard money lenders specialize in short term, high interest construction loans that are often used as bridges to help a developer finish a project. Loans are based on the value of the underlying asset rather then the borrower’s credit rating. These kinds of loans are primarily funded through private investors.

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.

The district attorney’s office charged Kennedy with four felony counts and ten special allegations related to fraudulent practices in the offer and sale of securities involving “hard money” loans in real estate projects located primarily in San Luis Obispo County in a criminal complaint filed in March 2012.

The San Luis Obispo County Superior Court has  frozen her personal assets, 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. The court orders prohibit anyone from selling or secreting these assets.

In Feb. 2011, Kennedy returned to Paso Robles for a short time after fleeing to Costa Rico in 2009.

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If only Kennedy’s arrest could be duplicated with these guys:

Study shows that the super-rich are hiding $20 to $31 trillion in offshore tax havens. [Because most of these people are highly placed in government or are closely connected to those who are, governments will not track down these hidden fortunes.] BBC 2012 Jul 22

Big difference in earning it and socking it away offshore and stealing it, don’t you think?

The American Psychiatric Assn. estimates the incidence of sociopathy (AKA: Antisocial Personality Disorder) at about 4%, and guess what, they all work in real estate, government, and construction!!

I think the APA is way short. But in any event it seems SLO county and the lending broker industry sure collects the majority of them. Miller is a prime example, when HFC collapsed and he was met by many elderly investors (some of whom were close friends of his) who asked him about their investments he said, on numerous occasions “The money is gone, get over it”! And of course his pal gearhead ran us all into the ground with Miller’s help, without a qualm for our well being or future.

Seems like the Guth/Yaguda clan are the same, as is kennedy. Bunch of slimy crooks, they ought to be hung (after delivering them to the victims for a couple hours).