Yasir G. Hamed, a 59-year-old accountant from Woodbridge, Connecticut, has been charged with defrauding the Paycheck Protection Program (PPP) of more than $700,000. The U.S. Attorney’s Office for the District of Connecticut announced the charges on November 13, 2024, following Hamed’s arrest.
According to the U.S. Department of Justice, Hamed was involved in submitting fraudulent PPP loan applications for several New Haven-based businesses that he either owned or represented. These businesses included Access Consulting and Professional Services Inc., Connecticut Medical Transportation Inc., and Arabic Language Learning Program Inc., among others.
Between June 2020 and September 2021, Hamed is accused of overstating the number of employees, payroll amounts, and other information on loan applications to secure funds for himself, his family, and his clients. Additionally, he provided false tax filings with these applications, documents that were never actually submitted to the IRS.
Hamed allegedly went further by submitting fraudulent PPP loan applications for businesses with no employees, convincing business owners to apply for loans under false pretenses. He received more than $700,000 in loan proceeds, which were used for personal expenses, including education costs for a family member and a down payment on a luxury $880,000 home in Woodbridge, Connecticut.
The case is part of ongoing federal efforts to investigate the misuse of COVID-19 relief funds. Yasir G. Hamed has been released on a $500,000 bond and is presumed innocent until proven guilty in court.
