Ahmed Sary, Pandemic-Related Loan Fraud, Maryland 2024

Baltimore Man Sentenced to Seven Years in Connection with a Scheme to Fraudulently Obtain Almost $18 Million in Covid-19 Loans

Baltimore, Maryland – On [Today], United States District Judge Richard Bennett sentenced Ahmed Sary, age 46, of Baltimore, Maryland to seven years in federal prison, followed by one year of home detention, and three years of supervised release, in connection with a conspiracy to commit wire fraud affecting financial institutions, relating to the submission of more than $17.9 million in fraudulent CARES Act loan applications.

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in March 2020 to provide emergency financial assistance to Americans suffering from the economic effects caused by the COVID-19 pandemic.

Sary and his co-conspirators prepared false and fraudulent PPP loan and EIDL applications for a number of borrowers in exchange for a kickback, typically ranging from 20 percent to 30 percent of the loan amount. The fraudulent PPP and EIDL loan applications prepared by Sary, and his co-conspirators grossly inflated the purported businesses’ number of employees, monthly payroll costs, and revenue numbers, including for businesses that didn’t exist in any legitimate capacity.

Sary and his co-conspirators filed 85 false and fraudulent PPP loan applications seeking a total of over $14,807,609.37 and 57 false and fraudulent EIDL applications seeking a total of over $3,093,670.50. All the loans were ultimately funded. In an attempt to launder the funds at the direction of Sary, the loan recipient would typically provide Sary multiple, sometimes up to seven, checks that were signed by the loan recipient and that listed a payment amount and date but that left the payee name blank.

“Sary will now pay the price for living luxurious from stolen COVID-19 pandemic relief funds that others needed to keep a business open or to keep a roof over their heads,” said U.S. Attorney Erek L. Barron.

“Ahmed Sary is a swindler and a cheat. This sentence holds him accountable for every lie he told and the almost $18 million in Covid relief funds he stole from American taxpayers to fuel his greed and lavish lifestyle,” said Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office.

The sentence was announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation, Baltimore Field Office (‘FBI’), Special Agent in Charge Amaleka McCall-Brathwaite of the Small Business Administration Office of Inspector General (“SBA-OIG”), Eastern Region, and Chief Robert McCullough of the Baltimore County Police Department (“BCPD”).

Defendant: Ahmed Sary
Criminal Charges: Conspiracy to commit wire fraud affecting financial institutions
City and State: Baltimore, Maryland
Exact Date: [Today]
Sentence: Seven years in federal prison, followed by one year of home detention, and three years of supervised release
Amount: $17.9 million in fraudulent CARES Act loan applications

Source: https://www.justice.gov/usao-md/pr/baltimore-man-sentenced-seven-years-connection-scheme-fraudulently-obtain-almost-18