Ca Man Sentenced For Using $5m In PPP Loans To Buy Luxury Sports Cars.

2/18/2023 by Brian Hamachek

Mustafa Qadiri, a 42-year-old man from Irvine, California, was sentenced to four-and-a-half years in prison, fined $20,000 and ordered to pay $2,861,050 in restitution. He fraudulently obtained $5 million in COVID-relief loans for his sham businesses, then used the money to purchase Ferrari, Bentley and Lamborghini cars, fund lavish vacations, and cover other personal expenses. Federal agents seized the cars that Qadiri purchased with the fraudulently obtained PPP loans and $2 million from his bank account. Qadiri pleaded guilty to bank fraud, aggravated identity theft, and money laundering. PPP loans were created to provide financial support to struggling businesses during the COVID-19 pandemic. Anyone with information about attempted fraud involving COVID-19 can report it to the Department of Justice’s National Center for Disaster Fraud Hotline.

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