Ex-president of Paso lending company expected to receive 5-year prison sentence

A Paso Robles woman charged with bilking investors of $1.3 million in a hard-money loan case is expected to receive a five-year prison sentence next month after pleading no contest to multiple charges, according to Century 21, her former employer.

During a pretrial hearing last week, Linda Ann Kennedy, 49, agreed to the plea, which will also require she pay restitution to several alleged victims.

She was arrested in July in connection with crimes allegedly committed while she was president of 21st Century Financial Resources Inc. Kennedy shut down her firm in August 2007, saying then that it was the result of a “significant reduction in revenue for the company” because of the real estate market downturn. But a representative for the Department of Real Estate told The Tribune in 2008 that Kennedy lied to investors , who lost money after defaults and foreclosures on properties once held in trust by 21st Century.

Kennedy will be formally sentenced Dec. 4.