COVINGTON, Ky. - An Ohio man admitted in federal court Monday that he defrauded a Kentucky bank and 17 individuals and businesses in Kentucky, Ohio, West Virginia and Wisconsin of more than $4.6 million collectively, according to a news release.
Anthony McQuaid, 47, pleaded guilty to one count of bank fraud and one count of wire fraud before U.S. District Judge David Bunning. McQuaid admitted he executed a scheme to defraud Town Square Bank of Ashland to obtain a loan for $1 million in 2014. McQuaid also admitted he developed and executed a scheme to defraud Auto Now Acceptance Co. LLC of Portsmouth, Ohio, of $850,200 in 2017.
According to the plea agreement, between November 2014 and June 2018, McQuaid defrauded 17 other individuals in Ohio, Kentucky, West Virginia and Wisconsin through various schemes.
In total, McQuaid admitted his schemes caused a loss of at least $4,698,055. McQuaid was charged by way of information in the Eastern District of Kentucky and the Southern District of Ohio, waiving his right to indictment by a federal grand jury.
The investigation was conducted by the Federal Deposit Insurance Corp. and the FBI. The U.S. Attorney's Office for the Eastern District of Kentucky was represented by Assistant U.S. Attorney Kate K. Smith. The U.S. Attorney's Office for the Southern District of Ohio was represented by Special Assistant U.S. Attorney Timothy Landry.
McQuaid is scheduled to be sentenced at 10 a.m. Nov. 12 in federal court in Ashland. He faces up to 30 years in prison and a maximum fine of $1 million. However, any sentence will be imposed by the court after consideration of the U.S. sentencing guidelines and the applicable federal statutes.