The Texas wedding planner bought Teslas and paid off the mortgage with a $ 1 million PPP loan
Could 20, 2021Updated Could 20, 2021 5:05 p.m.
The prosecution lastly caught up with him.
Jamie Grill / Getty Photos / Tetra Photos RF
A Texas wedding ceremony planner purchased two Teslas and paid off his costly mortgage utilizing fraudulent $ 1 million paycheck safety program loans, federal prosecutors say.
Fahad Shah, 44, admitted in court docket Wednesday that he illegally utilized for 2 PPP loans from a separate lender totaling $ 3.2 million.
FORGE THE ALAMO: Does Phil Collins have an enormous assortment of pretend Alamo artifacts?
Solely two individuals truly work for Weddings by Farah, the prosecutor stated.
However earlier than authorities caught up with Shah, he had already obtained $ 1.5 million from a lender and went on a purchasing spree inside days.
He instantly spent greater than $ 1 million on investments, paid off his mortgage, and acquired two Teslas, two Freightliner vans, and a Mercedes-Benz van.
“PPP loans ought to assist firms preserve themselves and their workers afloat through the COVID-19 pandemic,” stated incumbent US Lawyer Nicholas Ganjei. “PPP loans have been by no means meant as private loans for private use.”
Shah faces as much as 20 years in federal jail.
Jay R. Jordan writes about how we get round Houston, together with matters such because the surroundings and scorching forms of free bread.