YASIR G. HAMED, $2.3M PPP Loan Scheme, Connecticut 2025

Woodbridge Man Admits to $2.3 Million Pandemic Relief Scheme

A 60-year-old man from Woodbridge, Connecticut, has pleaded guilty to a scheme to defraud a COVID-19 pandemic relief program of over $2.3 million, authorities announced today.

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, said that Yasir G. Hamed waived his right to be indicted and pleaded guilty before U.S. District Judge Stefan R. Underhill in Bridgeport to offenses stemming from the scheme.

According to court documents and statements made in court, Hamed, an accountant, had an ownership interest or representative relationship with several New Haven-based businesses. Between June 2020 and September 2021, he submitted fraudulent PPP loan applications on behalf of these companies, overstating employee numbers and average monthly payroll, and making other fraudulent representations.

Hamed also submitted PPP loan applications on behalf of companies owned by his clients. In at least one instance, Hamed convinced the owner of a business, which he knew was not active and had no employees, to seek PPP funding. He prepared the paperwork for the PPP application and then took a significant portion of the loan proceeds.

Through this scheme, Hamed obtained over $2.3 million in PPP loans for his businesses and for his clients, receiving more than $1 million in loan proceeds for himself and his family, and significant kickbacks from his clients. He used the funds for personal expenses, including education expenses for a family member, and for a downpayment on an $880,000 house in Woodbridge that he purchased in October 2020.

Hamed has agreed to pay $2,384,772 in restitution. He pleaded guilty to bank fraud, which carries a maximum term of imprisonment of 30 years, and engaging in illegal monetary transactions, which carries a maximum term of imprisonment of 10 years. Judge Underhill scheduled sentencing for August 8.

Hamed was arrested on November 13, 2024, and is released on a $500,000 bond pending sentencing. The investigation has been conducted by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division. The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

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