MORRISVILLE BOROUGH, PA — A 43-year-old borough man faces sentencing in December for his role in an $11 million bank fraud conspiracy, federal authorities said.
Raymond Wade, 43, of Morrisville, pleaded guilty on Sept. 28 for his involvement in the scheme to defraud banks by depositing stolen checks and withdrawing the funds, U.S. Attorney Robert Frazer said.
He is scheduled to be sentenced on Dec. 17 after being charged with conspiracy to commit bank fraud.
Between July 21, 2026 and August 4, 2026, eight other individuals pleaded guilty for their roles in the same conspiracy.
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, authorities said.
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 million.
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