A Rochester man admitted in U.S. District Court in Buffalo Thursday to stealing $168,000 from his former employer. Michael Torres pleaded guilty before U.S. Magistrate Judge Jeremiah J. McCarty to financial institution fraud, which carries a maximum penalty of 30 years in prison and a $1,000,000 fine.
Assistant U.S. Attorney Douglas A. C. Penrose, who is handling the case, stated that between September 2021 and February 2022, Torres was employed as a Relationship Manager at Financial Institution 1. While in this position, he misused his position to apply for loans through Financial Institution 1 in the names of individuals without their knowledge or authorization. Torres applied for 19 loans for a total of $168,000, which was deposited into bank accounts that he controlled.
The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.
Sentencing will be scheduled at a later date.
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