Jersey City Investor Faces Consequences for Bank Fraud
This article was first reported by Jersey City Times
A local resident of Jersey City, Anthony Garvin, 53, has been handed a 24-month sentence by Judge Katharine S. Hayden in Newark federal court due to his involvement in a bank fraud scheme. Garvin had earlier admitted to one count of conspiracy to commit bank fraud and four separate counts of bank fraud.
U.S. Attorney Philip R. Sellinger revealed that between the years 2011 and 2014, Garvin, in collaboration with others, deceitfully secured multiple home equity lines of credit (HELOCs) on properties he owned. To conceal their fraudulent activities, Garvin and his associates fabricated and presented loan applications filled with false information and counterfeit documents such as fake pay stubs, W-2 forms, tax returns, bank statements, and deeds. The fraudulent activities led to Garvin sharing the ill-gotten gains with his partners in crime and subsequently defaulting on all the loans. This deceitful scheme caused lenders to suffer losses exceeding $400,000.
Following his prison sentence, Garvin is also mandated to undergo three years of supervised release. It’s worth noting that two of Garvin’s accomplices have confessed to their crimes and are currently awaiting their sentences.