A Jersey City man was sentenced to two years in prison for his role in a $30 million mortgage fraud scheme that led to over $400,000 in losses, U.S. Attorney Philip Sellinger announced.
Anthony Garvin, 53, of Jersey City, previously pleaded guilty in December via videoconference before U.S. District Court Judge Katharine S. Hayden to one count of conspiracy to commit bank fraud and four counts of bank fraud.
Hayden imposed the sentence Newark federal court yesterday.
Between 2011 and 2014, 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, according to court documents.
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.
He split his fraud proceeds with his conspirators and defaulted on all of the loans, ultimately resulting in over $400,000 in loses to the lenders.
In addition to the prison term, Hayden sentenced Garvin to three years of supervised release.
Two conspirators previously pleaded guilty and are awaiting sentencing.
Sellinger credited special agents of the Federal Housing Finance Agency, Office of Inspector General and special agents of the FBI with the investigation leading to today’s sentencing.
The government is represented by Assistant U.S. Attorneys Blake Coppotelli and Anthony Torntore of the District of New Jersey.