Jersey City Investor Sentenced For $400K Mortgage Fraud

A Jersey City, N.J., real estate investor has been handed a two-year prison sentence over a fraudulent home equity line of credit operation, which caused more than $400,000 in losses to lenders.

Anthony Garvin, 53, earlier pleaded guilty before U.S. District Judge Katharine S. Hayden to one count of conspiracy to commit bank fraud and four counts of bank fraud. The sentencing took place in the federal court in Newark.

Court records and statements revealed that Garvin, between 2011 and 2014, masterminded a plan to deceive banks. He colluded with other individuals to fraudulently acquire multiple home equity lines of credit (HELOCs) on properties he owned. Garvin, to conceal the deceit, along with his partners, crafted and presented falsified loan applications to lenders. These applications included counterfeit pay stubs, tax returns, W-2 forms, bank statements, and deeds. Garvin divided the illicit gains with his co-conspirators and subsequently defaulted on all the loans.

Judge Hayden, apart from the prison time, also ordered Garvin to undergo three years of supervised release.

Meanwhile, the two accomplices involved in the scam have confessed to their wrongdoings and are currently awaiting their sentences.