NEWARK, N.J. (AP) — A New Jersey man has admitted swindling two investors out of $3.4 million by falsely representing that his businesses had secured lucrative contracts to sell olive oil to major retailers.

Federal prosecutors say Antonio Fasolino pleaded guilty Thursday to three counts of wire fraud and a single count of transacting in criminal proceeds. The 62-year-old Jersey City man faces up to 70 years in prison when he's sentenced Jan. 11.

Fasolino owned several companies that were purportedly involved in the manufacture, sale and distribution of various food products. He got the money from his victims in 2012 by falsely claiming his companies had been awarded lucrative contracts to sell olive oil.

Prosecutors say Fasolino supplied the victims with altered bank statements and used their money to pay personal expenses.