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The Texas wedding planner bought Teslas and paid off the mortgage with a $ 1 million PPP loan

Photo by Jay R. Jordan

Could 20, 2021 Up to date: Could 20, 2021, 5:05 p.m.

The prosecution lastly caught up with him.

Jamie Grill / Getty Photos / Tetra Photos RF

A Texas marriage ceremony planner purchased two Teslas and paid off his costly mortgage utilizing $ 1 million fraudulent Paycheck Safety Program loans, federal prosecutors mentioned.

Fahad Shah, 44, admitted in court docket Wednesday that he illegally utilized for 2 PPP loans from a separate lender totaling $ 3.2 million. His marriage ceremony planning enterprise, Weddings by Farah, employed 126 individuals with $ 600,000 month-to-month payroll.

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Solely two individuals truly work for Farah’s weddings, prosecutors mentioned.

However earlier than the authorities caught up with Shah, he had already acquired $ 1.5 million from a lender and went on a purchasing spree inside days.

He instantly spent over $ 1 million to repay his mortgage and purchase two Teslas, two Freightliner vans, and a Mercedes-Benz van.

“PPP loans ought to assist firms maintain themselves and their staff afloat in the course of the COVID-19 pandemic,” mentioned incumbent US lawyer Nicholas Ganjei. “PPP loans have been and weren’t meant to be private loans for private use.”

Shah is in federal jail as much as 20 years in the past.

Jay R. Jordan writes about how we get round Houston, together with the surroundings and the recent consumption of free bread.

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