A real estate investor from Jersey City has been sentenced to two years in prison for his involvement in a fraudulent home equity line of credit scheme. Anthony Garvin, 53, conspired with others between 2011 and 2014 to defraud banks by obtaining multiple home equity lines of credit on properties he owned.
To deceive lenders, Garvin and his co-conspirators submitted loan applications with false information and fabricated supporting documents, including fake pay stubs, W-2 forms, tax returns, bank account statements, and deeds. Garvin then shared the proceeds of the fraud with his accomplices and proceeded to default on all the loans, resulting in over $400,000 in losses for the lenders.
In 2017, Garvin was arrested and later pleaded guilty to conspiracy to commit bank fraud and four counts of bank fraud. He has been sentenced to two years in prison and will also serve three years of supervised release after his release. The identities of Garvin’s co-conspirators have not been disclosed, and they are currently awaiting sentencing.
The case serves as a reminder of the importance of due diligence in financial transactions, particularly in the real estate sector. Lenders should verify all information provided in loan applications, including supporting documents, to avoid falling victim to such fraudulent schemes.
Sources:
– US Attorney’s Office
– NJ.com