A Stamford man pleaded guilty in federal court last week to providing false information to banks and receiving more than $4 million in Paycheck Protection Program loans.

Moustapha Diakhate, 46, waived his right to be indicted and pleaded guilty to one count of wire fraud and one count of making an illegal monetary transaction, according to a statement from the U.S. attorney’s office. Diakhate had been arrested on May 7, 2021.

According to the statement Diakhate owned or had a management interest in several small business entities, including Ansonia Developers LLC, Winsbay Inc., Buyers Association Group LLC, Washington Management LLC, Diakhate Capital Inc. and Poulson & Gold Inc.

Prosecutors say that beginning in May 2020, Diakhate provided two banks, Citibank and M&T Bank, with false and fraudulent information during the PPP loan application process and obtained loans for each of his six entities totaling more than $4 million.

Diakhate then used a portion of the funds for various personal expenses, including to pay off a loan he had been provided to purchase of a 2010 Porsche Panamera Turbo and purchase both a Mercedes and BMW, according to the statement. He also purchased a $50,000 certificate of deposit with PPP funds, the statement said, and disbursed funds to various and individuals unrelated to his business entities.

Sentencing is scheduled for April 21.