Check out the luxury cars $5 million in fraudulent PPP loans paid for, DOJ alleges
Federal prosecutors say Mustafa Qadiri fraudulently obtained $5 million in COVID relief funds and spent it on himself, including buying three supercars. Author: Travis Pittman, Associated Press Published: 9:18 PM EDT May 7, 2021 Updated: 9:32 PM EDT May 7, 2021
A California man is accused by federal prosecutors of fraudulently getting $5 million in COVID-19 relief Payment Protection Program (PPP) loans and spending the money on himself, including buying a Ferrari, Bentley and Lamborghini.
Mustafa Qadiri, 38, of Irvine, was arrested Friday, the Department of Justice said. The federal grand jury indictment charges him with four counts of bank fraud, four counts of wire fraud, one count of aggravated identity theft, and six counts of money laundering.
Mustafa Qadiri Charged With Using COVID Loans to Buy a Ferrari, Bentley and Lamborghini
On 5/8/21 at 8:55 AM EDT
A man from Orange County, California has been accused of exploiting the federal program that helped businesses cope with the COVID pandemic by fraudulently obtaining millions of dollars which he spent on luxury cars and holidays.
Mustafa Qadiri, 38, of Irvine, has been charged with fraudulently obtaining $5 million via the Payment Protection Program (PPP), the scheme which gave forgivable loans to small businesses to keep them on their feet during the economy s shutdown.
Qadiri allegedly submitted false statements and exaggerated the number of employees at sham advertising and mortgage businesses.
Irvine man arrested on federal fraud charges involving PPP loans
Published
IRVINE, Calif. - An Orange County man was arrested on federal charges alleging he fraudulently obtained about $5 million in Payment Protection Program loans for his sham businesses, then used the money on himself, including purchasing Ferrari, Bentley and Lamborghini sports cars.
Mustafa Qadiri, 38, of Irvine, was named in a federal grand jury indictment returned Wednesday charging him with four counts of bank fraud, four counts of wire fraud, one count of aggravated identity theft, and six counts of money laundering, according to the U.S. Attorney s Office.
Qadiri surrendered to law enforcement and was expected to make his initial appearance Friday afternoon in Santa Ana federal court.
AutoWeb Reports First Quarter 2021 Results
Traffic Acquisition Efficiencies and Platform Improvements Drive Strong Margin Expansion and Operational Momentum
TAMPA, Fla., May 06, 2021 (GLOBE NEWSWIRE) AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing digital advertising solutions for automotive dealers and OEMs, is reporting financial results for the first quarter ended March 31, 2021.
“Our first quarter results demonstrate the continued efficiency and operational momentum of our business,” said Jared Rowe, President and CEO of AutoWeb. “Even with Q1 representing a seasonal low point for us, we generated sequential top-line growth as we delivered quality leads and clicks to our partners. We also drove significant year-over-year bottom line improvements, delivering a 1,060 basis point gross margin expansion and positive net income and adjusted EBITDA. This performance is a testament to the strength and success of our strategy, and our work in 2021 i
Last year the coronavirus pandemic threatened many small local businesses. Health and safety protocols exposed vulnerabilities, among small businesses, exacerbating disparities among women entrepreneurs and entrepreneurs of color. Many were denied access to the Payment Protection Program (PPP) designed to provide relief to small businesses, creating direct incentives to keep employees on payroll during the pandemic.Â
According to the Center for Responsible Lending, a nonprofit group combatting abusive lending practices, 90% of minority and women owners were shut out of the program. Entrepreneurs of color and female entrepreneurs are denied the same access to capital as their white male peers.Â
In response, Local First Arizona, a national leader in the buy-local movement, and YWCA of Southern Arizona, one of the oldest and largest multicultural womenâs organizations in the nation, are working to introduce sustainable business practices while supporting women of color entr