Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that Yasir G. Hamed, a 60-year-old resident of Woodbridge, pleaded guilty to charges related to defrauding a COVID-19 pandemic relief program of over $2.3 million. The plea was entered before U.S. District Judge Stefan R. Underhill in Bridgeport on May 9, 2025.
The scheme involved fraudulent applications for loans under the Paycheck Protection Program (PPP), part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in March 2020 to support small businesses during the pandemic. These loans were overseen by the U.S. Small Business Administration and processed by private lenders.
Hamed, an accountant with ties to several New Haven-based businesses such as Access Consulting and Professional Services Inc., and others, submitted falsified PPP loan applications between June 2020 and September 2021. He exaggerated employee numbers and payrolls and included false tax documents that had not been filed with the IRS.
Additionally, Hamed applied for PPP loans on behalf of companies owned by his clients, even persuading one client with an inactive business to apply for funding. Hamed then took a significant portion of these funds for personal use.
The fraudulent activities allowed Hamed to secure more than $2.3 million in PPP loans for himself and his clients, pocketing over $1 million personally and receiving kickbacks from clients. The money was used for personal expenses including educational costs for a family member and a downpayment on a house in Woodbridge purchased in October 2020.
Hamed has agreed to pay restitution amounting to $2,384,772. He pleaded guilty to bank fraud and engaging in illegal monetary transactions, which could result in up to 30 years and 10 years of imprisonment respectively. Sentencing is scheduled for August 8.
Arrested on November 13, 2024, Hamed is currently out on a $500,000 bond pending sentencing. The investigation was carried out by the Federal Bureau of Investigation along with the Internal Revenue Service – Criminal Investigation Division. Assistant U.S. Attorney Christopher W. Schmeisser is prosecuting the case.
Individuals aware of any COVID-19-related fraud are urged to report it via the Department of Justice’s National Center for Disaster Fraud Hotline or through their online complaint form.
