Glen Cove Man Sentenced to 10 Years in Prison For Stealing Over $9.6 Million From Federal Disaster Relief Funds

Saab, along with accomplices, deceitfully sought and obtained over $9,500,000 through at least 20 PPP and EIDLP loans for various corporate entities under his authority during the peak of the COVID-19 pandemic from May 2020 to May 2021.

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The Rami Saab, aka "Rami Hasan," has been handed a 10yr sentence by United States District Judge Gary R. Brown. After being found guilty of orchestrating an extensive scheme to deceitfully acquire disaster relief loans during the COVID-19 pandemic, Saab has been sentenced to a decade behind bars. In addition to his prison term, he is obligated to repay a staggering sum of approximately $9.6 million as restitution.

Saab's guilty plea in July 2023 exposed his involvement in a yearlong operation to defraud banks and the Small Business Association (SBA) of millions of dollars through fraudulent small business loans under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL). While Saab faces the consequences of his actions, it is worth noting that a second defendant named in the indictment is still evading justice.

“This defendant used fraud and deceit on an extraordinary scale to exploit government programs designed to keep struggling small businesses afloat during an unprecedented public health crisis,” stated United States Attorney Peace. “Today’s sentence sends a strong message to all those who saw the public response to the COVID-19 pandemic as little more than a get-rich-quick scheme: this Office will find you and prosecute you to the fullest extent of the law.”

“Opportunists like Saab continue to victimize the American taxpayer by pulling from benefits they don’t legitimately qualify for just to satisfy their own greed. Saab manipulated the COVID-19 loan program so he could fill his pockets with nearly ten million dollars meant for those who suffered as a result of the pandemic. But now, thanks to strong law enforcement partnerships and an incredible prosecution team, Saab is not only going to spend years behind bars, but he is also required to pay millions in restitution,” said Thomas M. Fattorusso, Special Agent in Charge of IRS-CI New York.

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Saab, along with accomplices, deceitfully sought and obtained over $9,500,000 through at least 20 PPP and EIDLP loans for various corporate entities under his authority during the peak of the COVID-19 pandemic from May 2020 to May 2021. These entities were essentially "shell companies" with fabricated employee figures, payroll expenses, and loan usage intentions, all aimed at deceiving the SBA and multiple banks managing the loan programs.

Right after the loans were disbursed, Saab conducted several financial transactions to hide the origin and true purpose of the funds. This involved moving parts of the loan money electronically across different bank accounts under Saab's control. Subsequently, Saab used the laundered funds to benefit himself and others, such as withdrawing cash and sending money to associates abroad.

“Saab pocketed nearly $10 million in ill-gotten gains by exploiting benefits meant to help those truly in need. Criminals like Saab continue to seek the quickest way to make a buck, regardless of the rule of law or those who may be victimized in the process. But as a result of strong law enforcement partnerships, today’s guilty plea means Saab now faces a large prison sentence for his criminal acts,” stated IRS-CI Special Agent-in-Charge Fattorusso.

“As alleged, the defendant and his co-conspirators fraudulently obtained more than $9.5 million in Federal funds from the Payroll Protection Program and Emergency Injury Disaster Loans through applications containing fraudulent documents. Fraud schemes like these defraud not only a program intended to help small businesses weather a global pandemic but also the United States' taxpayers. The Treasury Inspector General for Tax Administration is committed to working with our law enforcement partners and the United States Attorney’s Office to prevent these types of fraud and to bring those responsible to justice.”

Attorney General Breon Peace expressed his appreciation to the Nassau County Police Department for their assistance on the case.

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