BALTIMORE — Simeon Bakare, 55, of Waldorf, pleaded guilty Thursday in U.S. District Court to wire fraud charges stemming from a scheme to obtain more than $176,000 through fraudulent applications under the CARES Act.
Bakare, who previously worked on information technology matters for the U.S. Agency for International Development, admitted he submitted or caused the submission of multiple false loan applications for Paycheck Protection Program and Economic Injury Disaster Loan benefits between April 2020 and November 2021. He also caused the deposit of those benefits into bank accounts he controlled.
According to the plea agreement, Bakare used fabricated documents, including false IRS Schedule C forms and false attestations about the existence of sole proprietorships, to support at least five fraudulent applications. None of the businesses listed had significant employees, office space, revenues, costs of goods sold or actual business operations.
Bakare admitted using the proceeds for personal expenses, including car and housing payments and groceries. The CARES Act, enacted in March 2020, created the PPP and EIDL programs to provide emergency financial assistance to small businesses and individuals affected by the COVID-19 pandemic.
Bakare faces a maximum sentence of 20 years in federal prison. Sentencing is scheduled for Sept. 3 at 9:30 a.m.
The case is part of broader federal efforts to prosecute fraud related to COVID-19 relief programs. The Department of Justice has established a National Fraud Enforcement Division focused on such cases.
