CT accountant charged with defrauding PPP fund
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U.S. District courthouse in New Haven
A Woodbridge man has been charged by federal authorities over an alleged scheme to defraud a pandemic-relief program of hundreds of thousands of dollars.
Yasir G. Hamed, 59, is accused of submitting fraudulent loan applications to the Paycheck Protection Program that was set up in the wake of COVID lockdown closures.
An accountant, Hamed has an ownership interest in several New Haven area businesses, and represented others in his professional capacity. The allegations include overstating employee numbers and average monthly payroll in PPP applications.
He’s also accused of submitting false tax filings as part of his applications.
The court documents say that in at least one instance, Hamed convinced the owner of a business that was not active and had no employees to seek PPP funding. Hamed prepared the paperwork and then took a significant portion of the loan proceeds.
Hamed is alleged to have received more than $700,000 for himself and his family, and significant kickbacks from his clients. According to the complaint, he used the funds for personal expenses, including education expenses for a family member, and for downpayment on a $880,000 house in Woodbridge that he purchased in October 2020.
Hamed is charged with bank fraud, which carries a maximum term of imprisonment of 30 years; wire fraud, which carries a maximum term of imprisonment of 20 years; and engaging in illegal monetary transactions, which carries a maximum term of imprisonment of 10 years.
He was arrested on Nov. 13 and appeared in court in New Haven for a preliminary hearing. He has been released on a $500,000 bond.
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