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A federal grand jury has returned a 68-count indictment against a Buffalo man accused of defrauding various lenders and individuals out of $1 million.

Brian Smith, 40, is charged with bank fraud and identity theft.

Assistant U.S. Attorney Maura K. O’Donnell said Smith caused fraudulent loan applications and supporting documentation to be submitted to several financial institutions and businesses.

She said Smith also defrauded individuals by telling them he was investing their money in real estate when he was actually spending the money. The indictment is the result of an investigation by the FBI and the U.S. Secret Service.