BUFFALO, N.Y. (WIVB) -- A Buffalo man pleaded guilty to wire fraud and aggravated identity theft after using at least 63 stolen identities to steal $3.5 million from victim lenders, the U.S. Attorney's Office announced Tuesday. 53-year-old Paul Paredes has owned J&E Business Consulting LLC since 2013 and allegedly used the identities of his small business customers to submit fraudulent applications to lenders for nearly four years. Between April 2019 and August 2023, Paredes submitted hundreds of fraudulent applications to dozens of lenders, officials said. He alleged he had goods and services to provide and the lenders deposited money into one of numerous bank accounts controlled by Paredes once the financing agreements were approved. The total loss amount amounted to at least $3.5 million and came from lenders 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 individuals and utilized 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 the victim lenders to avoid detection of the fraudulent loans. Paredes told victims he would handle the situation on occasions when they received communications from victim lenders, 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 April 29. Latest Local News Early voting numbers continue to rise in Western New York Buffalo man admits to stealing over $3M using theft of 63 identities Christ the King Seminary in East Aurora sold for $4.2 million Long lines seen at early voting sites across Erie County Where to cast early vote in WNY Kayleigh Hunter-Gasperini joined the News 4 team in 2024 as a Digital Video Producer. She is a graduate of Chatham University.