DC Man Cops to Use $2.4M in PPP Loans for Tesla and Crypto

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

Federal prosecutors said in charging documents that Elias Eldabbagh, 30, used a company called Alias ​​Systems LLC that he started in August 2018 to apply for more than $30 million in PPP loans, and had submitted at least four economic disaster loan applications totaling more than $950,000 between July 2020 and May 2021….

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