NEW BOSTON, Texas -A former Texarkana real estate agent was sentenced to 10 years probation Monday for embezzling thousands from a former employer.
Reena Corbin, 36, pleaded guilty to theft of property, $30,000 to $100,000, last month at a hearing before 102nd District Judge Bobby Lockhart.
Represented by Texarkana lawyers John Pickett and Joe Tyler, Corbin was sentenced to a 10-year term of deferred adjudication probation Monday with the condition that she surrender her real estate license.
Corbin must pay $39,000 in restitution and complete 240 hours of community service. Also, while on probation, Corbin is prohibited from holding employment having a fiduciary duty to the public.
Lockhart noted that Corbin's theft included at least seven transactions in 2016 and amounting to a "crime of moral turpitude," when announcing the restriction on Corbin's future employment.
Assistant District Attorney Kelley Crisp expressed concern that Corbin could pay off her restitution, petition for an early release from probation and quickly return to selling real estate. Real estate agents typically have access to homes and properties for sale in the region where they work even if the property is listed for sale with a different agency.
"She's good," Crisp said after mentioning the level of "deceit" and the steps Corbin took to conceal repeated thefts from Coldwell Banker Elite. Alan Ribble testified Monday that he has sold his Coldwell Banker franchise at a great financial loss but said the damage Corbin has done to his reputation far exceeds the impact of Corbin's theft to his bottom line.
After her arrest, Corbin, who is well-known in the local real estate community, told others that her criminal charges were brought in retaliation for leaving Coldwell Banker for another job. Corbin was fired from her job at Coldwell Banker after her wrongdoing was discovered.
Corbin was a salaried employee earning about $88,000 annually and ineligible for commissions at the time of the thefts. Transaction records related to the missing funds were either altered or deleted entirely from the company's accounting system. Corbin allegedly said she received payment in error and is accused of submitting a fictitious wire-transfer receipt that showed she repaid the money.
The stolen money, in at least some instances, should have gone to commissioned agents involved in a property sale. And on at least one occasion, Corbin paid some of a stolen commission to an agent in cash after being confronted but did not give the agent the full commission due. Corbin reportedly charged agents $15 each for umbrellas bearing the agency's logo, which were supposed to be complimentary, according to statements made in court Monday at the Bowie County courthouse in New Boston.
Corbin must also refrain from using alcohol and illegal drugs while on probation.