Matthew James Addy of Lancaster, Pennsylvania, pleaded guilty on April 9 before United States District Judge John M. Gallagher to multiple counts of wire fraud, bank fraud, and aggravated identity theft. The announcement was made by United States Attorney David Metcalf.
Addy’s guilty plea stems from a series of schemes that resulted in hundreds of thousands of dollars in losses for investors and a federal credit union. The case highlights the risks associated with fraudulent investment operations and the impact such crimes can have on individuals and financial institutions.
According to court documents and admissions by Addy, he presented himself as a successful businessman to attract investments and loans. Between January 2020 and July 2022, he misrepresented his financial status and the success of his consulting business called “the Yarah Group,” which he falsely claimed was worth $200 million. Addy persuaded one victim to hire him for business operations while also convincing them to provide loans and investments based on these false claims.
Addy also applied for loans using this victim’s other business without their knowledge or consent by using their identifying information. He failed to repay these loans, resulting in losses totaling approximately $722,496 for the victim.
In another scheme between April 2023 and June 2023, Addy defrauded a second individual after claiming expertise as a diamond dealer. He convinced this person to provide about $25,000 as part of an alleged bridge loan through “Yarah Holdings PLC,” promising repayment with interest but instead used the funds for personal expenses without repaying them.
Additionally, Addy deposited an $8,500 check drawn from Company 1’s account into his own at a Pennsylvania-based federal credit union before withdrawing cash equal to the check’s value. The check later bounced due to insufficient funds; when questioned by investigators about the transaction, Addy provided false statements over a recorded call.
Sentencing is scheduled for July 28. Addy faces up to 294 years in prison along with supervised release requirements and restitution totaling $755,995.
