LOS ANGELES
A Riverside County man who purported to own a pothole-repair company was found guilty by a federal jury Friday of theft of hundreds of thousands of dollars from the COVID-19 relief funds, according to officials.
Oumar Sissoko got more than $7 million from the Paycheck Protection Program (PPP) and spent it for personal expenses including such things as luxury cars.
Sissoko, 59, of Temecula, was found guilty of four counts of wire fraud.
According to evidence presented at his three-day trial, Sissoko obtained a $7.25 million loan for his downtown Los Angeles-based company, Road Doctor California LLC, after submitting a PPP loan application in April 2020.
In the loan application, Sissoko claimed that Road Doctor was in the process of hiring 450 full-time employees and would have average monthly payroll expenses of $2.9 million.
When he applied for the loan, Sissoko acknowledged the funds would be used to retain workers and maintain payroll, or make mortgage interest payments, lease payments and utility payments.
In the days after the PPP loan was funded on May 1, 2020, Sissoko misappropriated hundreds of thousands of dollars of the loan proceeds to use for impermissible purposes, including purchasing a Mercedes-Benz for $113,000, paying off a loan on a BMW, and buying an Apple computer for more than $5,000.
The illegal uses of the loan also included a non-refundable down payment of approximately $100,000 to purchase a company located in New Hampshire and the attempted transmission of about $150,000 to accounts in the African nation of Mauritania associated with a mineral-exploration company for which Sissoko purported to serve as CEO.
U.S. District Court Judge John F. Walter has scheduled a July 18 sentencing hearing. Sissoko faces up to 20 years in federal prison for each of the four-wire fraud counts.
Last month, a federal jury deadlocked on the charges against S
issoko and a mistrial was declared. The second trial resulted in today’s verdict.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted in March 2020 and is designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.
One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through the PPP.
In April 2020, Congress authorized more than $300 billion in additional PPP funding.