Woodbridge accountant pleads guilty to federal charges in $2.3M COVID-relief scheme
Contributed | pixabay.com/illustrations/gavel-law-legal-judge-court-8436504/
A gavel.
A 60-year-old Woodbridge man has pleaded guilty to federal charges stemming from a scheme in which he allegedly defrauded a COVID-19 pandemic relief program of more than $2.3 million.
Yasir G. Hamed, an accountant, waived his right to be indicted before U.S. District Judge Stefan R. Underhill in Bridgeport last week.
Hamed pleaded guilty to bank fraud, which carries a maximum of 30 years in prison, and engaging in illegal monetary transactions, which carries a 10-year maximum prison term.
Authorities say that between June 2020 and September 2021, Hamed submitted fraudulent loan applications through the Paycheck Protection Program on behalf of several New Haven-based companies, some of which he had an ownership interest in.
In the applications, Hamed overstated employee counts and average monthly payroll, and made other false representations. Also, he submitted false tax filings that had never been filed with the IRS, according to authorities.
In addition, Hamed submitted a fraudulent PPP loan application after convincing the owner of a business, which he knew was not active and had no employees, to seek PPP funding. Hamed then took a significant portion of the loan proceeds, authorities said.
In total, Hamed obtained about $2.3 million in fraudulent PPP loans for his businesses and for his clients, pocketing more than $1 million for himself and his family, and significant kickbacks from his clients, according to authorities.
The businesses involved included: Access Consulting and Professional Services Inc.; Connecticut Medical Transportation Inc.; Arabic Language Learning Program Inc.; Institute for Global Educational Exchange Inc.; Access Medical Transport Inc.; Ikea Car & Limo Inc.; Center of the World Tours, North America LLC.; and Sudanese American Friendship Association Inc.
Hamed was arrested on Nov. 13, 2024. He has been released on a $500,000 bond and is scheduled to be sentenced on Aug. 8.
Hamed has agreed to pay $2.4 million in restitution.
This investigation was conducted by the FBI and the IRS – Criminal Investigation Division.
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