BUFFALO, NY (WIVB) — A Buffalo man pleaded guilty to wire fraud and aggravated identity theft after he used at least 63 stolen identities to steal $3.5 million from victimized lenders, the District Attorney’s Office announced Tuesday US.

Paul Paredes, 53, has owned J&E Business Consulting LLC since 2013 and allegedly used the identities of his small business clients to submit fraudulent claims to creditors for nearly four years.

Between April 2019 and August 2023, Paredes submitted hundreds of fraudulent claims to dozens of lenders, officials said. He claimed he had goods and services to provide, and lenders deposited money into one of several bank accounts controlled by Paredes once the financing arrangements were approved.

The total loss amounted to at least $3.5 million and came from creditors in New Jersey, Virginia, Illinois, Texas, North Carolina, Florida, Washington, Pennsylvania, Iowa, Colorado and Minnesota. Applications were submitted from Rochester. Paredes allegedly used the identities of at least 63 people and used at least 12 different bank accounts for the scheme.

Officials said he used the money to fund personal expenses, pay salaries and operating expenses and make payments to victim creditors to avoid detection of the fraudulent loans.

Paredes told the victims he would take care of the situation when they received communications from the victims’ creditors, officials said.

He faces a minimum of two years in prison, a maximum of 20 years and a $250,000 fine if convicted. Paredes is scheduled to be sentenced on April 29.

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Kayleigh Hunter-Gasperini joined the News 4 team in 2024 as a digital video producer. She is a graduate of Chatham University.

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