Ohio man pleads guilty to $4.6M bank and wire fraud

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COVINGTON, Ky. (AP) -- Federal authorities say an Ohio man has pleaded guilty in Kentucky to committing bank and wire fraud in several states.

FBI officials said in a news release Tuesday that 47-year-old Anthony McQuaid's schemes caused businesses and individuals in Ohio, Kentucky, West Virginia, and Wisconsin to lose more than $4.6 million between November 2014 and June 2018.

Prosecutors said McQuaid worked to obtain a fraudulent $1 million loan from Town Square Bank in Ashland, Kentucky. McQuaid also schemed to defraud Auto Now Acceptance Co. of Portsmouth, Ohio, of more than $850,000.

McQuaid has pleaded guilty to one count of bank fraud and one count of wire fraud. He faces up to 30 years in federal prison at sentencing in November in Ashland.