A Jersey City man has been sentenced in a scheme to defraud several banks through the use of home equity lines of credit.

Anthony Garvin, 53, previously pleaded guilty to one count of conspiracy to commit bank fraud and four counts of bank fraud. Yesterday, Judge Katharine S. Hayden imposed a 24-month sentence in Newark federal court.

According to U.S. Attorney Philip R. Sellinger, 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.

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. 

In addition to the prison term, Judge Hayden sentenced Garvin to three years of supervised release.

Two conspirators previously pleaded guilty and are awaiting sentencing.