Raymond Wade and Dwayne Reddon
Introduction
Raymond Wade and Dwayne Reddon are co-defendants who admitted roles in a conspiracy to defraud banks of more than $11 million by depositing stolen checks and withdrawing the funds. Wade, 43, is from Morrisville, Pennsylvania, and Reddon, 40, is from Trenton, New Jersey. Each pleaded guilty to a one-count Information charging conspiracy to commit bank fraud before U.S. District Judge Michael A. Shipp in Trenton federal court, entering pleas one day apart in September 2026. U.S. Attorney Frazer announced the admissions, capping a multi-agency investigation in New Jersey and Pennsylvania.
Background Information
Their pleas brought the conspiracy’s admitted roster to ten: the Justice Department described Wade and Reddon as two more defendants admitting their roles, following eight other individuals who pleaded guilty between July 21, 2026 and August 4, 2026. Charges remain pending against Wayne Bessant, 45, of Hamilton, New Jersey, and Ryan Small, 33, of Ewing, New Jersey, both presumed innocent. The pleas followed the department’s April 7 creation of its National Fraud Enforcement Division, which targets fraud against the American people.
The Controversy or Incident That Led to Their Cancellation
Pleaded guilty. Each man pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton to a one-count Information charging conspiracy to commit bank fraud.
According to case documents and statements made in court, the conspiracy ran from March 2023 through June 2025, with the defendants depositing stolen checks, including U.S. Department of Treasury checks, at 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 payees’ names. Once they 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 Treasury checks were Employee Retention Credit refunds from an IRS program created during the COVID-19 pandemic to encourage businesses to retain employees.
Wade, 43, of Morrisville, Pennsylvania, pleaded guilty on September 28, 2026, with sentencing scheduled for December 17, 2026. Reddon, 40, of Trenton, New Jersey, pleaded guilty on September 29, 2026, with sentencing scheduled for February 9, 2027. Neither man has been sentenced, so no prison term has been imposed on either defendant.
Public Reaction and Consequences
The pleas drew credit from a broad federal coalition. U.S. Attorney Frazer credited special agents with the FBI’s Newark-Trenton Resident Agency, Homeland Security Investigations in Cherry Hill, IRS Criminal Investigation’s Newark Field Office, the Treasury Inspector General for Tax Administration’s Northeast Field Division, the Defense Criminal Investigative Service’s Northeast Field Office, U.S. Air Force Office of Special Investigations Detachment 307 at Joint Base McGuire-Dix-Lakehurst, and postal inspectors of the Philadelphia Division. 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. Wade is represented by Michael J. Pappa, Esq., and Reddon by Dan Holzapfel, Esq.
Current Status
Both men await sentencing before Judge Shipp in Trenton: Wade’s hearing is set for December 17, 2026, and Reddon’s for February 9, 2027. Their pleas are admissions in court, with punishment not yet imposed. The maximum potential penalty for the conspiracy count is 30 years in prison and a fine of up to $1,000,000, twice the gross amount of any pecuniary gain derived from the offense, or twice the gross loss sustained by victims. Charges against Bessant and Small remain pending.
Impact on Their Career/Life
For two men in their early forties, the guilty pleas convert accusations into admissions on the federal record and leave their futures hanging on sentencings set months out. Wade, a 43-year-old from Morrisville, Pennsylvania, and Reddon, a 40-year-old from Trenton, New Jersey, now await judgments that will set any prison terms they will serve. Both men remain in legal limbo, their names tied to a scheme that moved more than $11 million in stolen checks, including many Treasury refund checks.
Sources
- U.S. Attorney’s Office, District of New Jersey, “Two Individuals Plead to Roles in $11 Million Bank Fraud Conspiracy” — source