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Coppell man charged with scamming $17 million in PPP money to buy luxury cars and homes

October 9, 2020
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| money

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

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SEC accuses Cedar Hill man of scamming investors out of at least $1.1 million

September 28, 2020
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| business

The U.S. Securities and Exchange Commission is accusing a Cedar Hill man of targeting churchgoers in a digital currency investment scam that totaled at least $1.1 million.

In a complaint filed Monday in federal court in Dallas, the SEC described Clifton Curtis Sneed Jr. as a “recidivist securities law violator” and said he portrayed himself as an investment expert from 2014 through 2019 while hiding his lengthy record of securities violations.

Sneed lied to clients about his financial certifications and failed to disclose that he was receiving commissions from the companies that he recommended to clients, according to the SEC. The complaint said clients lost about $1.1 million while Sneed pocketed at least $400,000 in commissions.

Now incarcerated at a low-security federal corrections institution in Seagoville, Sneed is awaiting criminal trial over related wire and securities fraud charges.

In examples cited by the SEC, Sneed defrauded “numerous” clients, including a

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