2 more suspects plead guilty in $11M bank fraud scheme involving stolen checks
Prosecutors say the group deposited or attempted to deposit more than 100 stolen checks, many involving federal pandemic-era tax refunds.
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Two more men have pleaded guilty in a bank fraud scheme involving more than $11 million in stolen checks, including federal pandemic-era tax refunds, according to the U.S. Attorney's Office for New Jersey.
Prosecutors say 43-year-old Raymond Wade, of Morrisville, Pennsylvania, and 40-year-old Dwayne Reddon, of Trenton, pleaded guilty to conspiracy to commit bank fraud in federal court.
Prosecutors said the scheme ran from March 2023 through June 2025. Participants deposited stolen checks at banks in New Jersey and Pennsylvania by posing as the people or businesses named on them.
They often obtained business documents in the recipients' names or opened fraudulent bank accounts to deposit the checks before splitting the money, according to court documents.
In all, the group deposited or attempted to deposit more than 100 treasury and commercial checks totaling over $11 million. Many were refunds issued through the federal Employee Retention Credit, a pandemic-era tax credit intended to encourage businesses to keep workers on their payrolls.
Eight other defendants previously pleaded guilty in the case. Charges remain pending against Wayne Bessant, 45, of Hamilton, and Ryan Small, 33, of Ewing.
Wade is scheduled to be sentenced Dec. 17, while Reddon's sentencing is set for Feb. 9, 2027. The charge carries a maximum potential sentence of 30 years in prison and a fine of up to $1 million, with higher fines possible depending on the financial gain or loss.
