DC Man Cops To Using $2.4M In PPP Loans For Tesla, Crypto

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By Gina Kim (April 11, 2022, 6:55 PM EDT) — A man accused of receiving more than $2.4 million in Paycheck Protection Program loans using stolen identities, doctored tax returns and payroll records and using the cash on personal expenses including dog boarding, hotels and a Tesla pled guilty to wire fraud and money laundering in Washington, D.C., federal court Friday.

Federal prosecutors said in charging documents that Elias Eldabbagh, 30, used a business called Alias Systems LLC that he had created in August 2018 to apply for more than $30 million in PPP loans, and submitted at least four Economic Injury Disaster Loan applications totaling more than $950,000 between July 2020 and May 2021….

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