Two Men Pleaded Guilty in Bank Fraud Scheme
Raymond Wade and Dwayne Reddon admitted to their roles in a conspiracy involving over $11 million in stolen checks.
Updated on Oct. 2, 2026 in Financial Crime
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Raymond Wade and Dwayne Reddon pleaded guilty in federal court to conspiracy to commit bank fraud. The pair participated in a scheme that involved the theft and deposit of over $11 million in commercial and U.S. Treasury checks.
Why it matters
The case highlights a widespread financial fraud operation that targeted banks across New Jersey and Pennsylvania. Authorities identified a sophisticated network that utilized fraudulent business documents to impersonate payees and launder millions in stolen funds.
Raymond Wade and Dwayne Reddon entered guilty pleas for conspiracy to commit bank fraud. The charge carries a maximum penalty of 30 years in prison and fines up to $1,000,000.
The players
Raymond Wade
He is a defendant from Morrisville, Pennsylvania, who pleaded guilty to his role in the bank fraud conspiracy.
Dwayne Reddon
He is a defendant who pleaded guilty to conspiracy to commit bank fraud as part of the multi-state scheme.
The details
Between March 2023 and June 2025, the conspirators deposited or attempted to deposit more than 100 stolen checks by opening fraudulent bank accounts. The scheme relied on the acquisition of falsified business documentation to impersonate rightful payees and split the illicit proceeds.
Timeline
The conspiracy occurred between March 2023 and June 2025.
Raymond Wade pleaded guilty on September 28, 2026.
Dwayne Reddon pleaded guilty on September 29, 2026.
Raymond Wade is scheduled for sentencing on December 17, 2026.
Dwayne Reddon is scheduled for sentencing on February 9, 2027.
Legal Context
This case reflects the ongoing enforcement challenges against sophisticated forgery rings that attempt to bypass institutional security protocols. It follows a pattern of recent prosecutions targeting multi-state financial fraud conspiracies operating across the Northeast.
Residents in Trenton and the surrounding region should remain vigilant regarding bank account security and identity theft. Local businesses are encouraged to monitor business documents and financial statements to ensure no unauthorized accounts are being opened in their name.
The takeaway
Financial fraud schemes often rely on the theft of physical documents to bypass standard banking security. Consumers should shred sensitive financial documents and review their credit reports regularly to prevent identity-based fraud.
Further reading
Learn more about local investigations and trends in Financial Crime.
More information
To report suspicious activity or unauthorized account usage, use the report fraud via NCDF web form.
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