Two executives of Ptech — a defunct Quincy-based software company and not, disappointingly, George Clinton’s SaaS startup — have been indicted, according to the Globe:
Both men are accused of falsely representing their identities, making false statements to the Small Business Association, and making false statements to police after the Sept. 11, 2001, terrorist attacks. In 2002, they applied to the Small Business Association to obtain a $650,000 loan, saying they wanted the money to help small businesses struggling as a result of the terrorist attacks.
The loan paperwork allegedly omitted the name of one of Ptech’s major shareholders, Yassin Kadi, as well as the name of his company, Sarmany Limited. Kadi had been designated as a global terrorist by the Bush administration, according to indictments unsealed yesterday.
Ptech had some serious ups and downs — the company was named one of 10 Companies That Matter by KMWorld three years in a row. Then MHT reported on the company’s Quincy office being raided in 2002, and the company seemed to be cleared a year later.
Posted by Brendan Lynch
Tags: George Clinton, Ptech, terrorism
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