Wife of real estate developer sued over husband's loan default

Annie Cosby Apr. 15, 2014, 3:20pm

A bank is suing over claims a real estate developer defaulted on a nearly $2 million loan after transferring his assets to his wife in an attempt to defraud creditors.

FirstMerit Bank N.A. filed a lawsuit April 10 in the Cook County Circuit Court against Debbie Korompilas and several limited liability corporations,  citing actual and constructive fraud.

According to the complaint, developer Lewis Korompilas on Dec. 2, 2009 defaulted on a $1.92 million loan from Midwest Bank that had been assumed by FirstMerit Bank.

The bank alleges the default resulted in a 2013 lawsuit against Lewis Korompilas, the judgment of which has never been satisfied. It further claims Lewis Korompilas operates under many different LLC names, but began transferring his assets to his wife, Debbie -- the named defendant-- in 2010 in order in order to defraud creditors.

FirstMerit is seeking more than $1 million in damages and is being represented by attorneys Cornelius P. Brown, Amy E. Daleo and Matthew R. Barrett of Cohon Raizes & Regal LLP.

Besides Debbie Korompilas, the suit names the following as defendants: 4351 South Lake Park LLC, 4360 South Lake Park LLC, 6457 S. Kimbark LLC, South Kimbark Development LLC, 6445-47 South Kimbark LLC, 4021 South Ellis LLC, South Ellis Development LLC, 3600 South Ellis LLC, 4471 South Lake Park LLC, 2354 Wood Drive LLC, 1851 North Winnebago LLC and 4402 South Berkeley LLC

Cook County Circuit Court Case No. 2014L004082.

This is a report on a civil lawsuit filed in the Cook County Circuit Court. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.

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