Anthony Garvin, a real estate investor who is 52 years old and lives in Jersey City, New Jersey, has admitted that he participated in a conspiracy to orchestrate a fraudulent home equity line of credit scheme that resulted in losses of more than $400,000 overall.
Another Case of Mortgage Fraud- Real Estate Investor Accused
According to the statements made in court and the documents that were submitted in this case:
Garvin and others conspired between 2011 and 2014 to fraudulently obtain multiple home equity lines of credit, also known as HELOCs, on real estate that Garvin owned as part of a scheme that Garvin orchestrated to defraud banks. The scheme lasted from 2011 to 2014.
Garvin and his co-conspirators prepared and submitted loan applications to lenders that contained lies and fake supporting documents, such as fake pay stubs, W-2 forms, tax returns, bank account statements, and deeds.
Their goal was to conceal the fraud that Garvin had committed from the lenders. After dividing the proceeds of his fraud with his accomplices, Garvin failed to repay any of the loans he had taken out. The end result of Garvin’s scheme was that the lenders lost more than $400,000 as a result of it.
Garvin entered a guilty plea via video conference on December 2, 2022, before the United States District Judge Katharine S. Hayden in the federal court located in Newark. Garvin was charged with one count of conspiracy to commit bank fraud as well as four counts of bank fraud.
Each count of bank fraud carries with it the potential for a maximum sentence 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 greater. The count of bank fraud conspiracy also carries with it the potential for a maximum sentence of 30 years in prison. The date of the sentencing hearing is set for April 11th, 2023.
Two of the conspirators have already entered guilty pleas and are currently awaiting their sentences.
Today’s announcement was made by the United States Attorney, Philip R. Sellinger.
U.S. Attorney Sellinger attributed the investigation that led to the guilty plea to special agents of the Federal Housing Finance Agency, Office of Inspector General, who were directed by Special Agent in Charge Robert Manchak, as well as special agents of the FBI, who were directed by Special Agent in Charge James E. Dennehy in Newark.
The United States of America is being defended in this case by Assistant United States Attorneys Blake Coppotelli and Anthony Torntore, both of whom are assigned to the District of New Jersey.