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On Tuesday December 4, 2012, Defendant Linda Ann Kennedy was sentenced to 5 years in prison by the Honorable Judge Barry T. LaBarbera, based on Kennedy's "No Contest" plea to charges on November 6, 2012. Ten victims addressed the court at Kennedy's sentencing hearing, and several victim letters were received by the court as well. Judge LaBarbera also set a Restitution Status Determination Hearing for the morning of June 4, 2013. Between now and then, the Probation Department will contact victims in the case, to prepare a Restitution Order for the Court. Kennedy will be ordered to pay full restitution to all victims in the case, as determined at or after the June 4 hearing. Kennedy will remain in custody, as she has since her arrest in July, and she will serve her prison time locally, pursuant to the Criminal Justice Realignment Act of 2011.
Previous Events: The San Luis Obispo County District Attorney's Office filed criminal charges against Linda Ann Kennedy on March 23, 2012. Linda Ann Kennedy, 49, was the former president of 21st Century Financial Resources, Inc., also known as 21st Century Mortgage, doing business in Paso Robles, CA. Kennedy was placed under arrest in Tennessee on July 16, 2012 by the La Vergne Police Department on a no-bail arrest warrant that was issued March 23, 2012 by the San Luis Obispo County Superior Court. Investigators from the San Luis Obispo County District Attorney's Office traveled to Tennessee to bring Kennedy back to San Luis Obispo County to be booked into the county jail.
Following an extensive four year investigation by the California Department of Corporations and additional investigation by the San Luis Obispo County District Attorney's Office, a criminal complaint was filed against Kennedy on March 23, 2012 for alleged crimes she committed between 2006 and 2007 during her operation of 21st Century Financial. In the criminal complaint, Kennedy is charged 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. Kennedy is alleged to have caused a loss of over $1.3 million to numerous victims.
On Tuesday, August 14, 2012, the Honorable Judge Barry T. LaBarbera heard Kennedy's Preliminary Hearing and held Kennedy to answer as charged in the criminal complaint. On Thursday, August 30, 2012, Kennedy was arraigned on the Information. Kennedy remains in custody on $1.3 million bail, and her assets remain frozen per the previously issued Court Orders.
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The San Luis Obispo county Superior court has issued orders freezing the personal assets of the defendant, including any assets in which the defendant may have an interest. These court orders have frozen not only all personal assets and interests in real estate, but also all 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.
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