California Real Estate Fraud Report

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Paso Robles Lender Pleads No Contest in Loan Fraud Prosecution

The San Luis Obispo County District Attorney’s Office announced that on November 6, Linda Ann Kennedy, who was president of 21st Century Financial Resources, Inc., pleaded no contest in a hard money loan fraud case.

Kennedy, 49, was originally charged with four felony counts and 10 special allegations related to fraudulent practices involving hard money loans and sale of securities. The Honorable Judge Barry T. LaBarbera accepted her plea, which has the effect in criminal cases as a guilty plea. The losses to her investors/victims occurred between 2006-2007 and totaled over $1.3 million.

Judge Barry LaBarbera will sentence Kennedy on December 3, which will likely result in a prison stretch for five years. In the meantime, her assets have been frozen.

Read the press release on this prosecution at the SLO D.A.’s website.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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