A former Marina del Rey man was recently sentenced for defrauding banks by seeking home equity lines of credit simultaneously from four different federally insured financial institutions.
Larry P. Corbi Jr. bought a $620,000 home in Granada Hills in November 2007. In March 2008, he applied for four home equity lines of credit in amounts ranging from $122,000 to $191,000 from Washington Mutual Bank, GMAC ResCap, Countrywide Bank F.S.B. and Metlife Bank/PHH Mortgage Corp. Corbi concealed from each financial institution that he was concurrently applying for other credit lines that would also be secured by his Granada Hills home. Three of the four lines were approved and funded. Corbi obtained a total of $672,144 in loan proceeds, which included $200,000 he borrowed to buy the Granada Hills house.
When the home went into foreclosure, the banks that had loaned Corbi money suffered losses totaling $356,644.
Corbi pled guilty in Federal Court in November to one count of bank fraud. He has been sentenced to 21 months in federal prison. In addition to the prison term, U.S. District Judge Dale S. Fischer ordered Corbi to pay $356,644 in restitution.
If you, or someone you know has been charged with Bank Fraud or any other
Los Angeles Criminal Defense Attorney, Robert M. Bernstein, for a free consultation.