NEWARK, NJ – Anthony Garvin, a 53-year-old real estate investor from Jersey City, was sentenced to 24 months in prison today for his role in a home equity line of credit fraud scheme that cost banks over $400,000.
Garvin had previously entered a guilty plea via videoconference before U.S. District Judge Katharine S. Hayden to one count of conspiracy to commit bank fraud and four counts of bank fraud. The sentence was carried out in Newark federal court.
According to court documents and statements, Garvin engaged in fraudulent activity between 2011 and 2014. In collaboration with others, he obtained multiple home equity lines of credit (HELOCs) on properties he owned. Fraudulent loan applications and fake supporting documents, such as pay stubs, W-2 forms, tax returns, bank statements, and deeds were submitted to deceive lenders. Garvin defaulted on all loans, leading to over $400,000 in losses for the lending institutions.
Following his prison term, Garvin is sentenced to three years of supervised release. Two other individuals involved in the scheme have pleaded guilty and are awaiting their sentences.