Banks in New Jersey and Pennsylvania were used to deposit stolen checks, or to try to, and two more men have pleaded guilty.
Raymond Wade, 43, of Morrisville, Pennsylvania, and Dwayne Reddon, 40, of Trenton, pleaded guilty in federal court to conspiracy to commit bank fraud, reports News12 New Jersey.
The operation ran from March 2023 through June 2025.
Participants held themselves out as the people or businesses the checks named, often after obtaining business documents in those names or opening accounts that were not the real payees’, then split the proceeds.
The crew deposited or attempted to deposit more than 100 Treasury and commercial checks worth over $11 million, the U.S. Attorney’s Office for New Jersey said on August 11th when it announced the first eight guilty pleas.
Many of the Treasury checks, not the full set, were Employee Retention Credit refunds, a pandemic-era IRS credit meant to help businesses keep workers.
Eight other defendants had already pleaded guilty.
Wayne Bessant, 45, of Hamilton, and Ryan Small, 33, of Ewing, are still charged, and those counts remain pending.
Wade is scheduled to be sentenced on December 17th, and Reddon on February 9th, 2027.
The conspiracy charge carries up to 30 years in prison and a fine of up to $1 million, which can be higher depending on the financial gain or loss.
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This post $11,000,000 in Stolen Checks Fuels Bank Fraud Pleas Across New Jersey and Pennsylvania may be modified as updates unfold.
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