‘Blinded by greed’: Businessman sentenced in $180M fraud that paid for lavish lifestyle, classic cars
- Najeeb Khan, a businessman from Michigan, has been sentenced to more than eight years in prison for orchestrating a $180 million check-kiting scheme. He admitted to being "blinded by greed" and using the funds to buy luxury cars, airplanes, boats, and a helicopter, as well as fund a lavish lifestyle.
- Khan carried out the fraud from 2011-2019 by funneling checks and wire transfers with insufficient funds through three banks, artificially inflating the amount in his accounts. He siphoned off about $73 million for himself, leading to financial losses for 1,700 of his clients.
- Khan's victims, which included small businesses, nonprofits, and charities, had to pay the IRS or their employees out of their own pockets, resulting in layoffs and financial burdens. Khan must pay millions in restitution and back taxes.
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