Whitey Ford
02-27-2023, 06:02 AM
Calif. Man Sentenced For Using $5 Million In COVID Relief Loans To Buy Ferrari, Bentley, And Lamborghini
https://www.youtube.com/watch?v=8q_CBuFqjVM
Vibrantly enriching our culture with creative accounting. Thank you, Mustafa.
An Orange County man was sentenced today to 54 months in federal prison for fraudulently obtaining $5 million in COVID-relief loans for his sham businesses, then used the money on himself, including purchasing Ferrari, Bentley and Lamborghini cars.
Mustafa Qadiri, 42, of Irvine, was sentenced by United States District Judge Josephine L. Staton, who also fined him $20,000 and ordered him to pay $2,861,050 in restitution.
Qadiri pleaded guilty in July 2021 to one count of bank fraud, one count of aggravated identity theft, and one count of money laundering.
Relying on this false information, the banks funded the PPP loan applications and transferred approximately $5 million to accounts Qadiri controlled. Qadiri used the fraudulently obtained PPP loan proceeds for his own personal benefit, including for expenses prohibited under the requirements of the PPP program, such as the purchase of luxury vehicles, lavish vacations, and the payment of his personal expenses.
Federal agents seized the Ferrari, Bentley and Lamborghini cars that Qadiri purchased with the fraudulently obtained PPP loans, along with $2 million in ill-gotten gains from his bank account.
https://breaking911.com/calif-man-sentenced-for-using-5-million-in-covid-relief-loans-to-buy-ferrari-bentley-and-lamborghini/
https://www.youtube.com/watch?v=8q_CBuFqjVM
Vibrantly enriching our culture with creative accounting. Thank you, Mustafa.
An Orange County man was sentenced today to 54 months in federal prison for fraudulently obtaining $5 million in COVID-relief loans for his sham businesses, then used the money on himself, including purchasing Ferrari, Bentley and Lamborghini cars.
Mustafa Qadiri, 42, of Irvine, was sentenced by United States District Judge Josephine L. Staton, who also fined him $20,000 and ordered him to pay $2,861,050 in restitution.
Qadiri pleaded guilty in July 2021 to one count of bank fraud, one count of aggravated identity theft, and one count of money laundering.
Relying on this false information, the banks funded the PPP loan applications and transferred approximately $5 million to accounts Qadiri controlled. Qadiri used the fraudulently obtained PPP loan proceeds for his own personal benefit, including for expenses prohibited under the requirements of the PPP program, such as the purchase of luxury vehicles, lavish vacations, and the payment of his personal expenses.
Federal agents seized the Ferrari, Bentley and Lamborghini cars that Qadiri purchased with the fraudulently obtained PPP loans, along with $2 million in ill-gotten gains from his bank account.
https://breaking911.com/calif-man-sentenced-for-using-5-million-in-covid-relief-loans-to-buy-ferrari-bentley-and-lamborghini/