Businessman sentenced in $180 million bank fraud that paid for lavish lifestyle, classic cars
This photo provided by the FBI shows a classic car collection owned by businessman Najeeb Khan. Khan, who orchestrated a $180 million check-kiting scheme and used the proceeds to live a lavish lifestyle and amass one of the world’s most revered classic car collections has been sentenced to more than eight years in prison, Thursday, Nov. 2, 2023. (FBI via AP)
CLEVELAND (AP) — A businessman who orchestrated a $180 million check-kiting scheme and used the proceeds to live a lavish lifestyle and amass one of the world's most revered classic car collections has been sentenced to more than eight years in prison.
Najeeb Khan, 70, of Edwardsburg, Michigan, told a federal judge Thursday that he was "blinded by greed" to carry out the scheme and buy more than 250 cars, as well as airplanes, boats and a helicopter, according to Cleveland.com. Besides receiving a 97-month sentence, he must pay $121 million in restitution to Cleveland-based KeyBank, $27 million to clients and $9.8 million in back taxes.
Support Local News
You have read all of your free articles this month. Select a plan below to start your subscription today.
Already a subscriber? Login
Daily Inter Lake - everything
Print delivery, e-edition and unlimited website access
- $26.24 per month
Daily Inter Lake - unlimited website access
- $9.95 per month