Man sentenced in California trust fund fraud case

(mgnonline.com)
(mgnonline.com)
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Updated: 8/21 11:45 am

SAN JOSE, Calif. (AP) — A man accused of stealing millions of dollars from Silicon Valley-based trust funds has been sentenced to six and a half years in prison.

U.S. District Judge Lucy Koh in San Jose called Leo Joshua Kennedy's crimes heinous and severe before issuing the sentence on Wednesday. The San Jose Mercury News reports (http://bit.ly/1vmpMwU) that the 62-year-old Kennedy pleaded guilty earlier this year to fraud.

He was accused of stealing the money from funds managed by his longtime partner and accountant through her Campbell-based company, Backhouse Fiduciary Services.

Federal prosecutors estimate he should pay $13.7 million in restitution.

Kennedy apologized during Wednesday's hearing. Victims who spoke urged Koh to impose a harsher penalty.


©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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