Morro Bay attorney charged with embezzlement

March 4, 2015
John Patrick Fennacy

John Patrick Fennacy

A Morro Bay attorney was arrested Wednesday and charged with felony grand theft by embezzlement, according to the San Luis Obispo County District Attorney’s Office.

John Patrick Fennacy, 50, specializes in estate planning, was a former Morro Bay planning commissioner and is the co-owner of the Brickhouse BBQ. The district attorney charged him with embezzling more than $65,000.

According to the district attorney, Fennacy embezzled the money from a family trust account from Nov. 2012 through Nov. 2013. Fennacy faces a sentence of between 16 months to four years in jail if found guilty.

Fennacy surrendered to authorities on Wednesday and then was booked into the San Luis Obispo County Jail. He was released after posting $85,000 bail.

He is scheduled to be arraigned on March 5.

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Pretty sad when you trust a Lawyer with your Family Assets and he feels the need to play with his future on your Dollar, can you imagine what its doing to his Family and there business in the public eye. Good Luck

LLC owners report business profits or losses on their personal income tax returns; the LLC itself is not a separate taxable entity. Like owners of a corporation, however, all LLC owners are protected from personal liability for business debts and claims — a feature known as “limited liability.” This means that if the business owes money or faces a lawsuit, only the assets of the business itself are at risk. Creditors usually can’t reach the personal assets of the LLC owners, such as a house or car.

(Both LLC owners and corporate shareholders can lose this protection by acting illegally, unethically, or irresponsibly.)

A publicity article states that the business was owned and operated by two generations of the Fennacy family. The eatery opened its operation in June 2013 which just happens to be right in the middle of the timeline of the (alleged) embezzlement. Is it a coincidence? Then, the senior Fennacy puts the business in his sons name. If the business is (on paper) owned by the son, is this just a tax shuffle to redistribute assets in an attempt to hide stolen money? A lawyer (good or bad) knows how to manipulate the system.

Loyalty is admirable to a point. If you are not family, you do not “know” this guy. Bernie Madoff was also respected and trusted by people who “knew him”. The details will soon surface. Time will tell.

He has allegedly done this to other unsuspecting victims in the area I am told. Hoping they all come forward.

First of all “innocent until proven quilty”. I happen to know this guy and his family. The Tribune got in wrong…he has nothing to do with the BBQ joint. His son owns the business outright. I looked it up with the State and it’s an LLC. He hasn’t had anything to do with the BBQ place since it first opened. The situation is unfortunate but all we know is what the news media puts out there and do you really want to base your “judgments” on what they say. I’m going to eat there tonight and support Morro Bay’s businesses!

Best tri-tip around.

reedytown, I call BS. The guy is no good. Look into his track record in Fresno. From what we hear its not all that admirable!

The Tribune mentioned he was the leader in the failed ‘recall’ of Mayor Irons.

The Tribune is largely wrong. He was listed as a proponent. That doesn’t make him “the leader”, and he wasn’t.

My friend gave him money to help her ‘save’ her home from back foreclosure, it went back anyway? humm.