Two additional men have pleaded guilty in federal court to conspiracy to commit bank fraud in connection with a multi-million dollar stolen check scheme operating across New Jersey and Pennsylvania. According to reports from News12 New Jersey, Raymond Wade, 43, of Morrisville, Pennsylvania, and Dwayne Reddon, 40, of Trenton, entered their guilty pleas.
The fraudulent operation ran from March 2023 through June 2025. During this period, participants impersonated the intended individuals or businesses named on the checks. This was often achieved by acquiring business documents in those names or opening accounts that did not belong to the real payees before splitting the illicit proceeds.
The U.S. Attorney's Office for New Jersey announced that the crew deposited or attempted to deposit more than 100 Treasury and commercial checks valued at over $11 million. This announcement accompanied the first eight guilty pleas made public on August 11th. A portion of the stolen Treasury checks consisted of Employee Retention Credit refunds, which were pandemic-era IRS credits designed to assist businesses in retaining workers.
With Wade and Reddon's recent pleas, a total of 10 defendants have now pleaded guilty in the case. Meanwhile, charges against two other defendants, Wayne Bessant, 45, of Hamilton, and Ryan Small, 33, of Ewing, remain pending.
Sentencing for Wade is scheduled for December 17th, while Reddon is set to be sentenced on February 9, 2027. The conspiracy charge carries a maximum penalty of up to 30 years in prison and a fine of up to $1 million, with potential increases depending on the total financial gain or loss.
