Man Spends $5 Million Dollars In PPP Loans On Luxe Vacations And Luxury Cars Like This Ferrari
38-year-old Mustafa Qadiri from Irvine, California, applied for PPP loans last year, and authorities are now saying he faked his way to getting his hands on $5 million dollars.
Mustafa falsely said he had four different businesses he ran out of Newport Beach.
All American Lending, Inc., All American Capital Holdings, Inc., RadMediaLab, Inc., and Ad Blot, Inc. were the names of the businesses that Mustafa gave.
Interestingly enough, none of those 4 companies are operational and they certainly weren’t last year either.
Last June and May, Mustafa filled out applications to be eligible for Payment Protection Program (PPP) loans, and he allegedly falsified what he told the banks he spoke with to apply.
“The false information allegedly included the number of employees to whom the companies paid wages, altered bank account records with inflated balances, and fictitious quarterly federal tax return forms” the U.S. Attorney’s Office for the Central District of California said in a statement.
According to the U.S. Attorney’s Office for the Central District of California, Mustafa didn’t use his own name or information to apply.
Instead, he used another person’s name, someone else’s Social Security number, and someone else’s signature in order to complete the required paperwork.
Once the banks issued $5 million dollars to Mustafa, he then went on quite a spending spree, and here’s what he did with the money.
U.S. Attorney’s Office for the Central District of California; pictured above is a red Ferrari Mustafa purchased with his PPP loans
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“Relying on this false information, the banks funded the PPP loan applications and transferred approximately $5 million to accounts Qadiri controlled, according to the indictment,” the U.S. Attorney’s Office for the Central District of California explained.
So where did all of that money go? Well, $2 million was still sitting in his bank account, but the rest he blew on luxe vacations and luxury cars, including a Bentley, Ferrari, and Lamborghini.
U.S. Attorney’s Office for the Central District of California; pictured above is the Lamborghini Mustafa purchased with his PPP loans
“Qadiri allegedly 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 have seized the Ferrari, Bentley and Lamborghini cars that Qadiri allegedly purchased with the fraudulently obtained PPP loans, along with $2 million in alleged ill-gotten gains from his bank account.”
Mustafa was arrested on Friday and charged with four counts of bank fraud, one count of aggravated identity theft, four counts of wire fraud, and six counts of money laundering.
U.S. Attorney’s Office for the Central District of California; pictured above is the Bentley Mustafa purchased with his PPP loans
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