Owner of multiple CT businesses admits to defrauding COVID relief program out of over $2.3M
A Woodbridge man has pleaded guilty to federal charges in connection with a scheme to defraud a COVID-19 pandemic relief program out of more than $2.3 million.
Yasir G. Hamed, 60, waived his right to be indicted and pleaded guilty during a hearing last Friday in federal court in Bridgeport, according to the U.S. Attorney's Office for the District of Connecticut. He pleaded guilty to bank fraud and engaging in illegal monetary transactions.
The charges expose Hamed to a combined 40 years in prison. Sentencing has been scheduled for Aug. 8.
According to federal officials, the fraud occurred between June 2020 and September 2021 when Hamed submitted fraudulent Paycheck Protection Program (PPP) loan applications on behalf of multiple companies with which he had an affiliation. Authorities said the fraud involved overstating employee numbers and average monthly payroll, and making other phony representations. As part of the applications, he submitted false tax filings that had never been filed with the IRS, according to officials.
Hamed had an ownership interest or representative relationship with several New Haven-based businesses including 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., officials said.
Hamed, an accountant, also reportedly submitted PPP loan applications on behalf of companies owned by his clients. In at least one instance, officials said Hamed convinced the owner of a business that was not active and had no employees to seek PPP funding. Hamed prepared the paperwork for the application and then took a 'significant portion' of the loan proceeds, authorities said.
According to federal authorities, Hamed obtained more than $2.3 million in PPP loans for his businesses and for his clients. His cut reportedly totaled more than $1 million 'for himself and his family, and significant kickbacks from his clients,' the U.S. Attorney's Office wrote in a statement.
Hamed reportedly used the money for personal expenses, including education expenses for a family member, and for a down payment on an $880,000 house in Woodbridge that he purchased in October 2020. As part of the plea deal, he agreed to pay a little more than $2.3 million in restitution.
Hamed was arrested in November 2024 and is free on a $500,000 bond while he awaits sentencing.
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