Jersey City Real Estate Investor Led Home Equity Line Of Credit Scam

JERSEY CITY, NJ — A Hudson County real estate investor was sentenced Monday to 24 months in prison for leading a home equity line of credit scheme that led to him defaulting on more than $400,000 in loans from banks, U.S. Attorney Philip Sellinger announced.

The real estate investor is Anthony Garvin, 53, of Jersey City.

He previously pleaded guilty to four counts of bank fraud and one count of conspiracy to commit bank fraud.

U.S. Attorneys say that 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.

Garvin split the loan proceeds with his conspirators. He also defaulted on all of the loans.

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’s scheme ultimately resulted in over $400,000 in loses to the banks that loaned him the home equity lines of credit (HELOCs).

Two other men previously pleaded guilty in this scheme and are awaiting sentencing.