News Americas, WASHINGTON, D.C., Thurs. July 5, 2018: A Caribbean national has pleaded guilty to bank of more than $3 million.
Garth Anthony Gardner, 49, a citizen of Trinidad & Tobago, has pled guilty to charges involving a scheme in which he made misrepresentations to apply for and obtain more than $3 million in multiple home equity line of credit loans.
Gardner pled guilty on July 2, 2018, in the U.S. District Court for the District of Columbia, to two counts of bank fraud. Each charge carries a statutory maximum of 30 years in prison and potential financial penalties.
Gardner admitted that he used a portion of the proceeds from the fraudulent scheme to purchase 15 silver bars, which the government recovered and liquidated for about $1.1 million.
Gardner was arrested in Frankfurt, Germany in May 2017, and was extradited to the District in February 2018, to face the charges that had been pending since 2014. He remains in custody pending his sentencing.
Under federal sentencing guidelines, he faces an estimated range of 51 to 63 months in prison and a fine of up to $100,000. The plea agreement also calls for him to pay $3,165,294 in restitution to 24 financial institutions. It also calls for him to pay a forfeiture money judgment in the amount of $2,048,446.
He is scheduled to be sentenced on Sept. 24, 2018.
