“Advance Rental” Broker Faces 20 Years in Prison

Richard Allen La Biano,33, of Laguna Beach has pleaded guilty in U.S.District Court in Santa Ana to mail fraud related to his San Clemente equipment-leasing firm, Paramount Pacific Funding Group. Approximately 100 people lost $700,000 to La Bianco, who demanded upfront deposits of $1,000 to $40,000 in order to get financing for equipment leasing. La Bianco did not secure the financing and did not return deposits, the US. Attorney’s Office said.

La Bianco faces a maximum of 20 years in prison and may have to pay restitution when he is sentenced October 20,2003