The owner of a Rochester business has admitted in court to defrauding lenders around the country out of $3.5 million.
Federal prosecutors say 53-year-old Paul Paredes of Buffalo stole the identities of his business customers, then used that information to get loans in their name and deposited the funds into his bank accounts.
Paredes pleaded guilty to wire fraud.
He faces at least 2 years in prison when he's sentenced in April.