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More than 12,000 Connecticut PPP loans have been flagged for questions
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More than 12,000 Connecticut PPP loans have been flagged for questions
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More than 12,000 Connecticut PPP loans have been flagged for questions
ctinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ctinsider.com Daily Mail and Mail on Sunday newspapers.
UpdatedTue, May 11, 2021 at 9:42 pm ET
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Diakhate allegedly used a portion of COVID relief funds for various personal expenses. (Shutterstock)
STAMFORD, CT A Stamford man was arrested on Monday on a federal complaint charging him with bank and wire fraud offenses related to his receipt of $2.9 million in COVID-19 relief funds from the U.S. Small Business Administration (SBA), according to a news release. The funds were guaranteed by the SBA under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Moustapha Diakhate, 45, appeared Monday afternoon before a U.S. Magistrate court in Bridgeport, and was ordered to be detained.
Officials said Diakhate maintained an ownership or management interest in certain small business entities including Ansonia Developers LLC, Winsbay Inc., Buyers Assoication Group LLC, Washington Management LLC and Diakhate Capital, Inc.
He allegedly provided Citibank with false and fraudulent information during the PPP loan application process for each of his five entities, which totaled $2,897,100. Officials said he then used a portion of the funds for various personal expenses including paying off a previous car loan and purchasing both a Mercedes and BMW.
Officials said Diakhate also purchased a $50,000 certificate of deposit with the funds and disbursed it to individuals unrelated to his business entities.