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Jersey City Real Estate Investor Sentenced to 2 Years for $400K Home Equity Line Scheme

Jersey City

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U.S. Attorney Philip R. Sellinger reported today that a Jersey City real estate investor was sentenced Monday to two years in prison for conspiring to orchestrate a fraudulent home equity line of credit scheme that led to over $400,000 in losses.

Federal officials said Anthony Garvin, 53, previously pleaded guilty by videoconference before U.S. District Judge Katharine S. Hayden to one count of conspiracy to commit bank fraud and four counts of bank fraud.

Judge Hayden imposed the sentence today in Newark federal court.

According to documents filed in this case and statements made in court:

Between 2011 and 2014, Garvin orchestrated a scheme to defraud banks by conspiring with others to fraudulently obtain multiple home equity lines of credit, known as HELOCs, on real estate that Garvin owned.

To hide his fraud from lenders, Garvin and his conspirators prepared and submitted loan applications that contained lies and fake supporting documents, including fake pay stubs, W-2 forms, tax returns, bank account statements, and deeds.

Garvin split his fraud proceeds with his conspirators and defaulted on all of the loans.

Garvin’s scheme ultimately resulted in over $400,000 in losses to the lenders.

In addition to the prison term, Judge Hayden sentenced Garvin to three years of supervised release.

Two conspirators previously pleaded guilty and are awaiting sentencing.