Buffalo man to pay $8.7M in restitution after fraud scheme, sentenced to 7 years in prison

Paul Paredes, a Buffalo man, received a sentence of seven years and three months in prison. He must pay nearly $9 million in restitution following a scheme involving hundreds of fraudulent financing applications. Separately, Ray McEaddy was sentenced to 6.5 years in prison for impersonating a Sony employee. McEaddy previously served four years for falsely promising to book performances by major artists, including Rihanna, Lady Gaga, and Justin Bieber, as part of his fraudulent activities.