Ex-Marina del Rey Man Sentenced in Bank Fraud

A 36-year-old former Marina del Rey resident was sentenced to nearly two years in federal prison Monday for defrauding banks by gaining home equity lines of credit nearly simultaneously from four federally insured financial institutions.

Larry P. Corbi Jr. lived in Marina del Rey at the time of the scheme, but has since relocated to Buellton in the Central Coast area of the state, Thom Mrozek, a spokesman for the U.S. Attorney's Office, said in a statement. Corbi was sentenced to 21 months in federal prison by U.S. District Judge Dale S. Fischer, who also ordered Corbi to pay $356,644 in restitution.

Corbi pleaded guilty in November to one count of bank fraud. He admitted filing four applications for home equity lines of credit (HELOCs) over a two-week period in 2008, Mrozek said. Corbi bought a $620,000 home in Granada Hills in 2007 and in March 2008 he applied for equity lines ranging from $122,000 to $191,000 from Washington Mutual Bank, GMAC ResCap, Countrywide Bank F.S.B. and Metlife Bank/PHH Mortgage Corporation. He hid the fact that he was concurrently applying for multiple HELOCs secured by the Granada Hills home.

Three of the four HELOCs were approved and funded. In total, Corbi obtained $672,144 in loans, including $200,000 he borrowed to buy the Granada Hills home. When the home went into foreclosure, the banks that loaned money to Corbi had losses totaling $356,644, Mrozek said.

The case against Corbi was investigated by the FBI.