A Cape Elizabeth man will pay $1.24 million to settle accusations that he misused a COVID-19 Economic Injury and Disaster Loan.

Federal prosecutors say Christopher Hooper used a loan meant to help businesses fend off pandemic hardships for personal enrichment.

Hooper received a low-interest, fixed-rate, long-term loan intended to help his Hooper Consulting firm overcome the effects of the COVID-19 pandemic.

Prosecutors from the U.S. Attorney’s office for Maine say Hooper used the money for stock trades and personal investments. They also say he made a series of large transfers to his personal checking and savings accounts.

In addition, prosecutors claim Hooper later submitted a hardship application to reduce his monthly repayment obligations.

Further, the government accused Hooper of comingling his COVID disaster loan with business funds, and then went on a spending spree, with tens of thousands of dollars going to a high-end interior designer, over $10,000 to a Land Rover dealer, and tens of thousands of dollars on home improvements

Hooper has not admitted guilt or liability in the settlement, and his million-dollar-plus payment only addresses accusations.