By: Richard L. Smith
Two more defendants have pleaded guilty for their roles in an $11 million bank fraud conspiracy involving stolen government and commercial checks, federal authorities announced.
According to information released by U.S. Attorney Robert Frazer, Raymond Wade, 43, of Morrisville, Pennsylvania, and Dwayne Reddon, 40, of Trenton, admitted conspiring to commit bank fraud.
Wade pleaded guilty on September 28 and is scheduled to be sentenced December 17. Reddon entered his plea September 29 and is scheduled for sentencing February 9, 2027.
Federal authorities said eight other individuals previously pleaded guilty in connection with the same conspiracy, while charges remain pending against two additional defendants.
According to court documents, from March 2023 through June 2025, members of the alleged scheme deposited or attempted to deposit more than 100 stolen U.S. Treasury and commercial checks at banks in New Jersey and Pennsylvania.
Authorities said the checks totaled more than $11 million.
The conspirators allegedly impersonated businesses and individuals named as payees, obtained fraudulent business documents and opened bank accounts to deposit the stolen checks before splitting the proceeds.
Many of the Treasury checks were Employee Retention Credit refunds associated with the federal COVID-19-era program designed to encourage businesses to retain employees.
The bank fraud conspiracy charge carries a maximum potential sentence of 30 years in federal prison and a fine of up to $1 million or amounts based on the financial gain or loss associated with the offense.