SANTA ANA (CBSLA) – An Irvine name surrendered to federal agents on Friday after allegedly using $ 5 million in fraudulent coronavirus aid loans to buy a Ferrari, Bentley and Lamborghini.
A federal grand jury indictment was released Wednesday named Mustafa Qadiri, 38, with four counts of bank fraud and wire fraud, one count of aggravated identity theft and six counts of money laundering. ‘money. Federal prosecutors said Qadiri surrendered to law enforcement on Friday morning.
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According to the indictment, Qadiri claimed to operate four Newport Beach-based companies: All American Lending, Inc .; All American Capital Holdings, Inc .; RadMediaLab, Inc .; and Ad Blog Inc. And although neither of the companies are currently in business, federal prosecutors claim that Qadiri submitted bogus and fraudulent loan applications to the Payment Protection Program, or PPP, to three banks on behalf of these companies in May and June 2020. Qadiri also reportedly used someone else’s name, social security number and signature to apply for one of these loans.
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Qadiri received around $ 5 million in loans and used the fraudulent funds for himself, purchasing luxury vehicles, lavish vacations and paying for his personal expenses, according to federal officials.
The Ferrrari, Bentley and Lamborghini have since been seized, along with $ 2 million in Qadiri’s bank account.
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Qadiri is due to appear in federal court for the first time on Friday afternoon.