Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

California man charged with using COVID loans to buy Ferrari

 

Federal authorities say Mustafa Qadiri of Irvine, Calif., used emergency pandemic relief loans to buy luxury sports cars, including a Lamborghini similar to the one above.

IRVINE, Calif. - A Southern California man has pleaded not guilty to charges he obtained $5 million in federal coronavirus-relief loans for phony businesses and then used the money for lavish vacations and to buy a Ferrari, Bentley and Lamborghini, prosecutors said Monday.

Mustafa Qadiri, 38, was arrested last week on suspicion of scheming to defraud the Paycheck Protection Program, which was implemented last year to help small businesses struggling during the COVID-19 pandemic.

Qadiri, of Irvine, pleaded not guilty Friday to multiple charges including bank fraud, wire fraud, aggravated identity theft, and money laundering, according to the U.S. Attorney's Office. Qadiri's attorney, Bilal A. Essayli, declined further comment Monday.

https://www.startribune.com/california-man-charged-with-using-covid-loans-to-buy-ferrari/600055679/

 

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