Pennsylvania Man Orchestrates $755,995 Bank Fraud Scheme Powered by Fake Company and Unauthorized Transfers: Report
A Pennsylvania resident has admitted to defrauding investors and a credit union in a scheme powered by fake companies and unauthorized borrowing.
47-year-old James Addy of Lancaster County has admitted to numerous fraud counts and identity theft offenses, reports Local21News.
Prosecutors say he posed as a high-net-worth entrepreneur running a Beverly Hills consulting firm called the Yarah Group worth roughly $200 million.
One victim was persuaded to hire him to manage a business and fund investments, after which he secured loans totaling about $722,000 in that victim’s name without permission.
A second person provided a short-term advance to another entity he controlled, expecting quick repayment that never materialized.
He also passed a bad check at a Pennsylvania federal credit union and withdrew the proceeds before the item bounced.
Court records show the total losses reached $755,995, leading to orders for full restitution plus fines and supervised release after prison.
Addy has pleaded guilty to 13 counts of wire fraud, one count of bank fraud and two counts of aggravated identity theft.
Investigators from the FBI’s Philadelphia office handled the case that spanned roughly two and a half years.
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