S. California Man Gets 21 Months In HELOC Scam; Applied For Multiple Accounts Simultaneously From Snoozing Lenders In $672K Ripoff

In Los Angeles, California, The Daily Breeze reports:

• A former Marina del Rey man was sentenced Monday to 21 months in federal prison for defrauding banks by seeking home equity lines of credit simultaneously from four different federally insured financial institutions.
• Larry P. Corbi Jr., 36, had pleaded guilty in Los Angeles federal court in November to one count of bank fraud, according to the U.S. Attorney's Office. In addition to the prison term, U.S. District Judge Dale S. Fischer ordered Corbi to pay $356,644 in restitution.
• According to a plea agreement, Corbi 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., prosecutors said.
• Corbi concealed from each financial institution that he was concurrently applying for other credit lines that would also be secured by the Granada Hills home. Three of the four lines were approved and funded. In total, Corbi obtained $672,144 in loan proceeds, which included $200,000 he borrowed to buy the Granada Hills house, according to federal prosecutors.

Source: Former Marina del Rey man sentenced in home equity scheme.