Matthew James Addy, 47, of Lancaster, Pennsylvania, pleaded guilty on Apr. 9 before United States District Judge John M. Gallagher to multiple counts of wire fraud, bank fraud, and aggravated identity theft related to schemes that defrauded investors out of hundreds of thousands of dollars.
The case is significant because it involves substantial financial losses for victims and highlights ongoing concerns about investment-related fraud schemes. According to United States Attorney David Metcalf, Addy misrepresented himself as a wealthy businessman and entrepreneur from January 2020 through July 2022 in order to persuade individuals to invest or loan money.
Court filings show that Addy falsely claimed significant net worth and mischaracterized the success of his consulting business called “the Yarah Group.” He convinced one victim to hire him for business operations and make loans totaling approximately $722,496 based on these false claims. Addy also obtained loans using this victim’s other business without their knowledge or consent by providing their identifying information and listing them as guarantor.
In a separate scheme between April and June 2023, Addy told another individual he was a diamond dealer who had made his first million by age thirty. He induced this person to lend $25,000 under the pretense it would be used for a bridge loan through “Yarah Holdings PLC,” promising repayment with interest but instead used the funds for personal expenses without repayment.
Addy also defrauded a Pennsylvania-based federal credit union by depositing an $8,500 check drawn on another company’s account into his own account and withdrawing the full amount before the check bounced due to insufficient funds. When contacted by the credit union’s investigator about the incident, he provided false statements on a recorded call.
Sentencing is scheduled for July 28. Addy faces up to 294 years in prison along with supervised release requirements and restitution payments totaling $755,995.
