U.S. Attorney's Office, District of New Jersey, "Two Individuals Plead to Roles in $11 Million Bank Fraud Conspiracy," press release 26-209 (Oct. 2, 2026)

Summary

A press release numbered 26-209 and dated October 2, 2026, in which U.S. Attorney Robert Frazer of the District of New Jersey announced that Raymond Wade, 43, of Morrisville, Pennsylvania, and Dwayne Reddon, 40, of Trenton, New Jersey, pleaded guilty before U.S. District Judge Michael A. Shipp to a one-count Information charging conspiracy to commit bank fraud. According to documents filed in this case, from March 2023 through June 2025 the conspirators deposited or attempted to deposit over 100 Treasury and commercial checks totaling over $11 million at banks in New Jersey and Pennsylvania, impersonating the payees. The release states that many of the Treasury checks were refunds issued as Employee Retention Credits and that charges remain pending against Wayne Bessant and Ryan Small. Wade is to be sentenced on December 17, 2026 and Reddon on February 9, 2027.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

TRENTON, N.J. – Two more defendants have admitted to their roles in an $11 million conspiracy to defraud banks by depositing stolen checks and withdrawing the funds, U.S. Attorney Robert Frazer announced.

The following individuals each pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court to a one-count Information charging them with conspiracy to commit bank fraud:

- Raymond Wade, 43, of Morrisville, Pennsylvania, pleaded guilty on September 28, 2026. Sentencing is scheduled for December 17, 2026.
- Dwayne Reddon, 40, of Trenton, New Jersey, pleaded guilty on September 29, 2026. Sentencing is scheduled for February 9, 2027.

Between July 21, 2026 and August 4, 2026, eight other individuals pleaded guilty for their roles in the same conspiracy. Charges remain pending against Wayne Bessant, 45, of Hamilton, New Jersey, and Ryan Small, 33, of Ewing, New Jersey.

According to documents filed in this case and statements made in court:

From March 2023 through June 2025, the Defendants conspired to deposit stolen checks—including U.S. Department of Treasury checks—at various banks in New Jersey and Pennsylvania. The conspirators impersonated the businesses or individuals listed as payees on the stolen checks, often by acquiring business documents in the names of the payees. Once the conspirators acquired fraudulent business documents or opened fraudulent bank accounts, they deposited the stolen checks and split the proceeds. In total, the conspirators deposited or attempted to deposit over 100 Treasury and commercial checks totaling over $11 million. Many of the Treasury checks were refunds issued as Employee Retention Credits, a program the Internal Revenue Service created during the COVID-19 pandemic to encourage businesses to retain employees.

The bank fraud conspiracy charge is punishable by a maximum potential penalty of 30 years in prison and also carries a fine of up to $1,000,000, twice the gross amount of any pecuniary gain that any persons derived from the offense, or twice the gross amount of any pecuniary loss sustained by any victims of the offense.

U.S. Attorney Frazer credited special agents with the Federal Bureau of Investigation, Newark-Trenton Resident Agency under the direction of Special Agent in Charge Stefanie Roddy; special agents with Homeland Security Investigations, Cherry Hill, under the direction of Special Agent in Charge Michael S. McCarthy; special agents with the Internal Revenue Service – Criminal Investigation, Newark Field Office, under the direction of Jenifer L. Piovesan; special agents with Treasury Inspector General for Tax Administration, Northeast Field Division, under the direction of Special Agent in Charge Michael Carpenter; special agents with the Defense Criminal Investigative Service, Northeast Field Office, under the direction of Acting Special Agent in Charge Jessica Herrington; special agents with the U.S. Air Force – Office of Special Investigations, Detachment 307, Joint Base McGuire-Dix-Lakehurst, New Jersey, under the direction of Special Agent in Charge Rebecca B. Bates; and postal inspectors of the U.S. Postal Inspection Service, Philadelphia Division, under the direction of Inspector in Charge, Christopher Nielson, with the investigation leading to the guilty pleas.

On April 7, the Department of Justice announced the creation of the National Fraud Enforcement Division (Fraud Division). The Fraud Division is laser-focused on investigating and prosecuting those who commit fraud against the American people. The Department’s work to combat fraud supports President Trump’s Task Force to Eliminate Fraud, a whole-of-government effort chaired by Vice President J.D. Vance to eliminate fraud, waste, and abuse within Federal benefit programs.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form .

The government is represented by Assistant U.S. Attorney Benjamin D. Bleiberg and Special Assistant U.S. Attorney Alanna M. Jereb of the Economic Crimes Unit in Newark.

###

Defense counsel:

Wade: Michael J. Pappa, Esq.

Reddon: Dan Holzapfel, Esq.

reddon.information.pdf

wade.information.pdf

File and source

File

doj-usao-nj-press-release-two-individuals-plead-roles-11-million-bank-fraud-conspiracy-2026-10-02.json

Size

7,663 bytes

SHA-256

0236ccc0dbfa60fdb1ae55febb39a21880520120a6f71a4d2bb5feea6e6a632d

Our copy

doj-usao-nj-press-release-two-individuals-plead-roles-11-million-bank-fraud-conspiracy-2026-10-02.json

Original

www.justice.gov