"Michigan Man Sentenced to 8 Years for $180M Bank Fraud Scheme"
TL;DR
Najeeb Khan, a businessman from Michigan, has been sentenced to over eight years in prison for orchestrating a $180 million check-kiting scheme. Khan used the proceeds to fund a lavish lifestyle and acquire a collection of classic cars, including vintage Ferraris, Fiats, and Jaguars. He must pay $121 million in restitution to KeyBank, $27 million to clients, and $9.8 million in back taxes. Khan's scheme caused financial losses for around 1,700 clients, including small businesses, nonprofits, and charities.
- Michigan man sentenced in $180M bank fraud that paid for classic cars Detroit Free Press
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- ‘Pure avarice’: Businessman gets 8 years in prison for $180 million bank fraud that hit Cleveland’s KeyBank cleveland.com
- Edwardsburg man faces prison time in $150 million fraud scheme WSBT-TV
- Michiana man sentenced to 8 years for check-kiting scheme WNDU
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