A former lending company executive who allegedly caused a loss of more than $1.3 million to numerous victims appeared in San Luis Obispo Superior Court on Tuesday.
Linda Ann Kennedy’s arraignment was continued to Thursday to allow the public defender’s office time to determine if it can handle the case, said Jerret Gran, a spokesman for the San Luis Obispo County District Attorney’s Office.
County prosecutors in March filed criminal charges against Kennedy, 49, former president of 21st Century Financial Resources Inc. in Paso Robles, which pooled investors’ money to fund high-interest, high-risk loans that financed real estate development.
When she closed the firm in August 2007, the company held a $100 million real estate portfolio financed by more than 1,000 investors — many from San Luis Obispo County — who lost their money after defaults and foreclosures on properties once held in trust by the company, according to past Tribune reports.
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Sometime after, Kennedy fled the Central Coast to Costa Rica, but she moved back to the area in 2011. According to the District Attorney’s Office, she was arrested July 16 in Tennessee by the La Vergne Police Department on an arrest warrant that had been issued March 23.
Investigators from the county District Attorney’s Office traveled to Tennessee to bring her back to be booked into San Luis Obispo County Jail.
After a four-year investigation, the county District Attorney’s Office filed a criminal complaint charging her with four felony counts and 10 special allegations for alleged crimes she committed between 2006 and 2007.
The investigation was completed by the California Department of Corrections with additional work by the District Attorney’s Office.
The court has issued orders freezing her personal assets and interests in real estate, including all bank accounts, vehicles, and other things of value, according to the District Attorney’s Office.