Buffalo man admits to stealing more than $3 million through 63 identity theft

BUFFALO, N.Y. (WIVB) – A Buffalo man has pleaded guilty to wire fraud and aggravated identity theft after using at least 63 stolen identities to steal $3.5 million from moneylenders, the U.S. Attorney’s Office announced Tuesday.

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 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 claimed that he had goods and services to deliver and that the lenders deposited money into one of several bank accounts controlled by Paredes once the financing agreements were approved.

The total loss amount was 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 is said to have used the identities of at least 63 people and at least twelve 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’s lenders to avoid detection of the fraudulent loans.

Paredes told the victims he would handle the situation if they received messages from victim lenders, officials said.

If convicted, he faces a minimum of two years in prison, a maximum of 20 years and a $250,000 fine. Paredes will 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 graduated from Chatham University.

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