RALEIGH - The United States Attorney’s Office for the Eastern District of North Carolina announced that in federal court, JOHN MICHAEL WADE, 63, pled guilty to Conspiracy to commit wire fraud. As part of his plea, WADE agreed to pay $219,304 in restitution. He faces a maximum of five years imprisonment.
The Criminal Information WADE pled guilty to charged that he and a co-conspirator contracted with a company in China to supply tools to their company headquartered in Cary, NC. WADE, his coconspirator, and the Chinese company reached an agreement to inflate the invoices to WADE’S company. After WADE’S company paid the inflated invoices to the Chinese company, the Chinese company paid the inflated amounts to WADE’S coconspirator, who in turn split the proceeds with WADE. Wade incorporated a business to receive his share of the proceeds.
The criminal investigation of this case was conducted by Internal Revenue Service Criminal Investigation. Assistant United States Attorney David Bragdon handling the case on behalf of the government.
Source: U.S. Department of Justice, Office of the United States Attorneys
