A Hudson County real estate investor has admitted conspiring to orchestrate a fraudulent home equity line of credit scheme that led to over $400,000 in losses.
Anthony Garvin, 52, of Jersey City, New Jersey, pleaded guilty by videoconference on Dec. 2, 2022, before U.S. District Judge Katharine S. Hayden in Newark federal court to one count of conspiracy to commit bank fraud and four counts of bank fraud.
According to U.S. Attorney Philip R. Sellinger, documents filed in this case and statements made in court, 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 between 2011 and 2014.
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 loses to the lenders.
The count of bank fraud conspiracy and each count of bank fraud carries a maximum potential penalty of 30 years in prison, a fine of $1 million or twice the gross gain to the defendants or twice the gross loss to others, whichever is greatest.
Sentencing is scheduled for April 11, 2023.
Two conspirators previously pleaded guilty and are awaiting sentencing.
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