Indictment — No. 4:24-cr-00176 (Dkt. 1, E.D. Tex.)

Summary

An Indictment in United States v. Faruk Syed, Case 4:24-cr-00176-ALM-KPJ, in the United States District Court for the Eastern District of Texas, Sherman Division, filed August 15, 2024. It alleges that Syed was employed by the SBA as a loan specialist responsible for reviewing and approving EIDL applications related to the CARES Act. Count 1 charges conspiracy to commit wire fraud under 18 U.S.C. § 1349, alleging that Syed and others submitted false EIDL applications and that Syed, acting as an SBA employee, approved applications that caused deposits of $143,500 and $147,500 into accounts the conspirators controlled. It alleges that a third approved loan for $143,800 was flagged by the SBA as suspected fraud and not funded. Count 2 charges conspiracy to commit money laundering under 18 U.S.C. § 1956(h), and the indictment includes a forfeiture notice and penalty notice.

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