Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them to keep their companies afloat.”

Sah was arrested Sept. 16 and remains in custody, said a spokeswoman for the U.S. attorney’s office for the Northern District of Texas.

Sah is one of dozens indicted by government prosecutors for fraudulently applying for forgivable loans through the Payroll Protection Program, the $650 billion slice of the CARES Act designed to help small businesses cover costs for wages, rent and utilities. Among those charged with fraud were a former NFL football player and a former reality television star.

The Small Business Administration's Paycheck Protection Program provided forgivable loans to North Texas restaurants, churches, hotels, nonprofits and many other groups to help them weather the economic fallout of COVID-19 pandemic.

More than 5.2 million loans were approved nationwide. According to the U.S. Treasury Department, Texas businesses were approved for more than $41 billion in grants that were intended to go to businesses with 500 employees or fewer.

The indictment said Sah actually received $17.3 million and used the money on multiple homes, international transfers and a 2020 Bentley convertible, a luxury car that typically sells

Oct. 7 (UPI) — Federal prosecutors have charged a South Florida rapper of conspiring with others to steal tens of millions of dollars in federal relief funds meant to aid small businesses amid the coronavirus pandemic.

The Justice Department in a release said Diamond Blue Smith, 36, a member of the music group Pretty Ricky, and Tonye C. Johnson, 28, of Flourtown, Pa., have been charged in federal criminal complaints unsealed Tuesday for wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud.

The complaints said the pair were charged in a scheme involving 11 other defendants, including former NFL wide receiver Joshua Bellamy, to steal $24 million in loans from the Paycheck Protection Program.

The Paycheck Protection Program was included in the $2 trillion CARES Act that President Donald Trump signed in March to help small businesses struggling amid the coronavirus pandemic to keep employees on their payrolls.

Prosecutors said Tuesday that Smith obtained more than $1 million from the program through filing falsified documents on behalf of his two companies, Throwbackjersey.com and Blue Star Records.

Smith is accused of using the ill-gotten funds to buy luxury goods as well as a $96,000 Ferrari, which authorities confiscated Monday when Smith was arrested, the Justice Department said.

The complaint further accuses the rapper of seeking loans on behalf of others in order to receive kickbacks.

Johnson, the owner of Synergy Towing & Transport, is accused of using falsified documents to obtain nearly $400,000 in loans of which he paid a portion of to co-conspirators in the scheme.

According to the Justice Department, the scheme was hatched by Phillip J. Augustin, 51, who was charged in a criminal complaint in July.

The court document states that after Augustin obtained a fraudulent PPP loan for his company Clear Vision

BitMEX, a cryptocurrency exchange that allows you to trade digital assets with up to 100x times leverage, has been charged with failing to prevent money laundering and offering U.S. customers crypto illicit derivative trading services.

Arthur Hayes, 34, Ben Delo, 36, and Samuel Reed, 31, as well as it’s first employee Gregory Dwyer, 37, have been charged with violating the Bank Secrecy Act and conspiracy to violate the act by “willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program.” According to the statement by the United States Office of Southern District of New York, Reed has been arrested while Hayes, Delo and Dwyer remain at large. Each charge carries a maximum penalty of five years in prison.

According to Acting Manhattan U.S. Attorney Audrey Strauss, “these defendants flouted that obligation and undertook to operate a purportedly ‘off-shore’ crypto exchange while willfully failing to implement and maintain even basic anti-money laundering policies.”

FBI Assistant Director William F. Sweeney Jr. added that,

“One defendant went as far as to brag the company incorporated in a jurisdiction outside the U.S. because bribing regulators in that jurisdiction cost just ‘a coconut.’” 

The parent company for BitMEX is incorporated in the Seychelles.

In a related civil action, the U.S. Commodity Future Trading Commission named Hayes, Delo, and Reed, and the five BitMEX-related companies HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited (BitMEX) for “operating an unregistered trading platform and violating multiple CFTC regulations, including

A former finance manager for Amazon.com and two of her family members were charged on Monday with insider trading by the Securities and Exchange Commission, which accused the family of making $1.4 million from unlawful trading.



a sign on the side of a building: SEATTLE, WA - APRIL 30: A person walks by an Amazon Go store at the downtown Amazon campus on April 30, 2020 in Seattle, Washington. Amazon recorded sales of $75.4 billion in the first three months of the year as many consumers increased their online purchases, up 26% over last year, but with net income for the same period falling nearly 31% due to costs of managing the coronavirus pandemic. (Photo by Lindsey Wasson/Getty Images)


© Lindsey Wasson/Getty Images
SEATTLE, WA – APRIL 30: A person walks by an Amazon Go store at the downtown Amazon campus on April 30, 2020 in Seattle, Washington. Amazon recorded sales of $75.4 billion in the first three months of the year as many consumers increased their online purchases, up 26% over last year, but with net income for the same period falling nearly 31% due to costs of managing the coronavirus pandemic. (Photo by Lindsey Wasson/Getty Images)

The complaint alleges that Laksha Bohra, a senior manager in Amazon’s tax department, leaked confidential information about the company’s financial performance to her husband Viky Bohra. The husband and his father then traded on the confidential information in 11 separate accounts managed by the family, according to the SEC complaint.

Bohra’s lawyers didn’t immediately respond to a request for comment. Amazon declined to comment on the charges.

The SEC said the trading took place in advance of Amazon’s earnings announcements between January 2016 and July 2018.

“We allege that the Bohras repeatedly and systematically used Amazon’s confidential information for their own gain,” said Erin Schneider, director of the SEC’s San Francisco Regional Office. “Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families.”

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The US Securities and Exchange Commission (SEC) has charged a former Amazon finance manager with insider trading. 

On Monday, the regulatory watchdog said that from at least January 2016 to July 2018, Laksha Bohra conducted securities trading based on confidential information she had access to as a member of the e-commerce giant’s tax department. 

The senior manager was involved in preparing and reviewing financial statements included in Amazon’s quarterly earnings. Bohra allegedly leveraged this knowledge to play the market in what is known as insider trading in order to reap “illicit profits,” according to SEC.

See also: Shopin founder charged by SEC for running $42 million scam cryptocurrency ICO

36-year-old Bohra not only played this game herself but also allegedly tipped off members of her family, including her father-in-law and husband. 

“Bohra disregarded quarterly reminders prohibiting her from passing material nonpublic information or recommending the purchase or sale of Amazon securities,” SEC’s complaint reads. 

If an individual has access to pre-release financial information, they may be able to buy or sell stocks and shares based on predictions of what will happen to a company’s share prices. For example, profits may send stock prices upward, whereas the disclosure of losses or lawsuits can cause a share price slump.

In total, over the course of roughly two years, the former manager and her family traded in 11 separate brokerage accounts, earning themselves roughly $1.4 million. Bohra’s father-in-law reportedly told one of the brokerage firms used that the accounts were treated as a “one family thing.”

“Amazon considered [..] pre-release financial information to be confidential, highly sensitive, material, and nonpublic,” the US agency says, adding in the complaint that Amazon has previously demonstrated a “zero tolerance” stance on insider trading. 

CNET: Universal Health Services slammed by massive cyberattack

Amazon suspended Bohra’s employment in