PPP Loan – Financial Treason & Crime

05/07/202105/08/2021

Article: Irvine Man Arrested on Federal Grand Jury Indictment Alleging He Fraudulently Obtained $5 Million in COVID-Relief PPP Loans

Irvine Man Arrested on Federal Grand Jury Indictment Alleging He Fraudulently Obtained $5 Million in COVID-Relief PPP Loans

Department of Justice, 07 May 2021

SANTA ANA, California – An Orange County man was arrested today on federal charges alleging he fraudulently obtained approximately $5 million in Payment Protection Program (PPP) loans for his sham businesses, then used the money on himself, including purchasing Ferrari, Bentley and Lamborghini sports cars.

Mustafa Qadiri, 38, of Irvine, was named in a federal grand jury indictment returned Wednesday charging him with four counts of bank fraud, four counts of wire fraud, one count of aggravated identity theft, and six counts of money laundering.

Qadiri surrendered to law enforcement this morning and is expected to make his initial appearance this afternoon in United States District Court in Santa Ana. Continue reading “Article: Irvine Man Arrested on Federal Grand Jury Indictment Alleging He Fraudulently Obtained $5 Million in COVID-Relief PPP Loans”

03/25/202103/27/2021

Article: Texas man pleads guilty to $24.8 million PPP loan scheme involving luxury cars

Article - Media, Publications

Texas man pleads guilty to $24.8 million PPP loan scheme involving luxury cars

Alison Medley, 25 March 2021

Federal investigators didn’t mince words when a Texas man admitted to using COVID-19 relief funds for lavish expenditures, including a Bentley Convertible, Porsche Macan and Corvette Stingray.

Coppell native Dinesh Sah, 55, pleaded guilty to orchestrating a $24.8 million PPP scam that used small business loans to purchase opulent homes and expensive cars, according to the Department of Justice.

“As the nation was crippled by a global pandemic, Sah fraudulently obtained over $17 million in PPP funds intended to help legitimate small businesses and spent that money on luxury cars and multiple homes,” Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division stated in response to the case.

In order to get control of millions in PPP loans, Sah submitted 15 fraudulent applications filed under different names of businesses he owned or controlled, according to the Justice Department. Through eight separate lenders, Sah managed to obtain $24.8 million in PPP loans by misrepresenting the number of employees on his payroll and amount of expenses therein. Investigators eventually discovered the incongruities on Sah’s applications, the Justice Department stated. Continue reading “Article: Texas man pleads guilty to $24.8 million PPP loan scheme involving luxury cars”

06/19/202002/22/2021

Article: FuelCell Energy Under Investigation for PPP Loan

Article - Media, Publications

FuelCell Energy Under Investigation for PPP Loan

Howard Smith, 19 June 2020

Connecticut-based FuelCell Energy (NASDAQ:FCEL) is being investigated by the Securities and Exchange Commission (SEC) over its acceptance of a $6.5 million CARES Act PPP loan. The PPP program allocated up to $349 billion to help small businesses affected by closures due to the COVID-19 pandemic. The intent was to help the businesses maintain employees on the payroll for up to eight weeks, including providing benefits. Companies were also permitted to use the funds for rents, utilities, and mortgages.

FuelCell Energy is now being investigated over its application for, and acceptance of, a $6.5 million loan in April, according to a Financial Times report. The company said the information request from the SEC was voluntary, and that it is cooperating with the investigation, according to the report.
Continue reading “Article: FuelCell Energy Under Investigation for PPP Loan”