October 4th 2026, 11:45 AM
New Jersey-Pennsylvania Bank Fraud Ring Uncovered
Key Summary
Two men, Raymond Wade and Dwayne Reddon, have pleaded guilty to conspiracy to commit bank fraud in New Jersey and Pennsylvania, following an operation that involved depositing over 100 stolen Treasury and commercial checks worth more than $11 million between March 2023 and June 2025. The operation used fake business documents and accounts to deposit checks, including Employee Retention Credit refunds. Wade is scheduled to be sentenced on December 17th, while Reddon's sentencing is set for February 9th, 2027. The conspiracy charge carries up to 30 years in prison and a fine of up to $1 million.
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Key Findings
Banks in New Jersey and Pennsylvania were used to deposit stolen checks, or to try to, and two more men have pleaded guilty.Background
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.Operation Details
The operation ran from March […] and involved using stolen checks to deceive banks in the region.#BankFraud#NewJersey#Pennsylvania#US