LANCASTER COUNTY, Pa. (WHTM) — A central Pennsylvania man who posed as a wealthy businessman to defraud investors out of $750,000 will be spending a little more than six years in prison, according to the Department of Justice.
Matthew Addy, 47, of Lancaster, was also sentenced Monday by United States District Judge John Gallagher to spend three years of supervised release, the DOJ said. In April, Addy pleaded guilty to 13 counts of wire fraud, a count of bank fraud and two counts of aggravated identity theft.
Addy claimed he was the operator of “the Yarah Group” and that it was worth more than $200 million.
He was able to persuade one victim to let him run the victim’s business, then he made multiple loans and investments into “the Yarah Group,” according to prosecutors. He also never paid back any loans he applied for and received for one of the victims’ businesses, which he also did without the victim’s consent.
Addy defrauded a total of $722,496 from the victim, the DOJ said.
He also persuaded another victim to make a short-term loan to a contractor through his business, “Yarah Holdings PLC.” He promised the victim that if they funded about $25,000 of the loan, he would repay $30,000, but he instead spent the money for his own use.
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The DOJ said Addy also defrauded a Pennsylvania credit union of $8,500.
Addy will also have to pay a $1,000 fine, a $1,600 special assessment and restitution.
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