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Elias Eldabbagh used his company, Alias Systems, LLC, to apply for 25 phony Paycheck Protection Program loans between July 2020 and May 2021, the U.S. Attorney's Office reported.
Eldabbagh used an alias to hide his identity and steal over two million dollars, which he spread across 13 separate bank and brokerage accounts, authorities said.
He also stole from the Coronavirus Aid, Relief, and Economic Security Act, which was designed to provide emergency financial assistance for people who suffered from economic effects caused by the COVID-19 pandemic, officials said.
"Eldabbagh is facing the consequences of shamelessly stealing an identity and trying to steal tens of millions of dollars of taxpayer money that the CARES Act provided for legitimate business owners and employees during a time of national crisis."
Special Agent in Charge Darrell J. Waldon said Eldabbagh committed these crimes to fund a lavish lifestyle. He bought a Tesla and paid for rent, hotels, dog boarding, and more, the Attorney's Office said.
He pled guilty on April 8, to the charges of wire fraud and laundering the proceeds of the wire fraud scheme. After he serves his 10 year prison sentence, Eldabbagh will be placed on three years of supervised release and pay $2,452,050 in restitution, authorities said.
As a part of Eldabbagh's initial plea agreement, he agreed to forfeit the Tesla and the contents of 21 bank accounts, as well as liquidate the cryptocurrency he acquired, authorities said.
Government officials said that Eldabbaugh's sentence serves as a punishment for his crimes, as well as an example to others who try to dodge the legal system.
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