LAS VEGAS (KLAS) — A 46-year-old Henderson man was sentenced Thursday in Newark, New Jersey, to 18 months in prison for his role in a scheme to use bogus information and simultaneous loan applications at multiple banks to try to get home equity lines of credit.
The $9 million scheme used techniques known as “shot-gunning.”
Joseph A. Gonzalez previously pleaded guilty before U.S. District Judge John Michael Vazquez to an indictment charging him with one count of conspiracy to commit bank fraud.
Gonzalez is the sixth person to plead guilty as part of the scheme.
The banks that were duped in the scheme issued loans in excess of $500,000.
Gonzalez used $43,000 of the illicit proceeds to buy a luxury car, according to the U.S. Attorney’s Office in New Jersey.
In addition to the prison term, Judge Vazquez sentenced Gonzalez to three years of supervised release and ordered him to pay restitution of $512,500.
The scheme involved arranging loans on property that the suspects didn’t even own. In one case, a “quitclaim” deed was filed using forged signatures, and then the suspects applied for home equity loans.