A man reportedly going on a shopping spree using Paycheck Protection Program (PPP) loans meant to help struggling businesses amid the pandemic? That sounds familiar, doesn’t it?
You may be recalling that report from July 2020 where a man from Florida allegedly blew COVID-19 relief funds to buy himself a Lamborghini Huracan Evo. Unfortunately, it looks like history does repeat itself, as another man—this time from California—has just been arrested for federal bank fraud, among many other charges.
According to a report by The New York Times, a man identified as Mustafa Qadiri received more than $5 million in PPP loans (P239 million) and used the money to treat himself to a 2018 Lamborghini Aventador S and a 2011 Ferrari 458 Italia. That’s just the tip of the iceberg, as authorities say Qadiri’s seized assets also included a 2020 Bentley Continental GT Coupe. Sheesh.
Qadiri reportedly started obtaining federal loans in May 2020, and by the following month, had already acquired $5 million. He submitted loan applications for COVID-19 relief funds to three different banks to help four companies that prosecutors found were not in operation.
Apart from submitting fraudulent company information, Qadiri also reportedly used someone else’s name, Social Security number, and signature to complete the applications.
The combined charges against Qadiri amount to a total penalty of 302 years in prison. The New York Times says Qadiri is at least the third person to have blown government funds to buy a Lamborghini.
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