Ex-president of Heritage Lending in Paso Robles is arrested

bcuddy@thetribunenews.comMarch 15, 2013 

The former president of a Paso Robles lending company and her husband have been arrested on suspicion of committing multiple felony crimes between 2007 and 2009.

Candy Lee Wells, 58, and her husband, Ronald Ricky Wells, 63, were arrested in Southern California on March 12 by investigators with the San Luis Obispo County District Attorney’s Office and the Oceanside Police Department.

The pair were placed into custody on a $2.5 million arrest warrant issued by Superior Court Judge Jacquelyn Duffy.

According to a news release from the District Attorney’s Office, Candy Wells operated Heritage Lending, offering “hard money” loans and investments in real estate projects.

After she abruptly closed the business in October 2009, the California Department of Corporations undertook an extensive three-year investigation, and the county also investigated, leading eventually to the arrests and charges.

The Wells are charged with six felony counts and seven “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.”

They are alleged to have caused more than $1.3 million in losses to numerous victims.

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