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Wedding Planner pleads guilty to using PPP loans for personal expenses, including purchasing Teslas | Plano Star courier

A Murphy man on Wednesday pleaded responsible to fraudulently used $ 1.5 million in Paycheck Safety Program (PPP) loans for private use.

Prosecutors say 44-year-old Fahad Shah utilized for 2 of those loans for his marriage ceremony planning agency Weddings By Farah. Based on a Star Native Media indictment, the defendant filed a mortgage utility with a financial institution in April 2020 falsely claiming that his firm pays a median of $ 701,550 a month to 126 staff.

Authorities declare Weddings By Farah solely had two staff.

Whereas the financial institution declined that $ 1.7 million mortgage, one other financial institution authorized a $ 1.5 million mortgage the next month.

After the financial institution despatched Shah the cash by way of financial institution switch, he reportedly used the cash to pay his mortgage, make private investments, and purchase luxurious autos, together with two Teslas and a Mercedes Benz van.

Paperwork state that he additionally purchased a 3D printer.

“PPP loans ought to assist firms preserve themselves and their staff afloat throughout the COVID-19 pandemic,” stated US Lawyer Nicholas J. Ganjei in a press launch. “PPP loans had been by no means meant as private loans for private use. By making use of for and qualifying PPP funds for fraudulent causes, Fahad Shah took benefit of the COVID-19 financial disaster to complement himself and his household. By discovering a mortgage that he should not have been given, Shah helped exhaust the funds obtainable for any potential reputable debtors who actually wanted monetary help. This plea exhibits that the Jap District of Texas is dedicated to prosecuting scammers and guaranteeing that they don’t profit from their crimes. “

Shah pleaded responsible to a few wire fraud costs, which resulted in a most sentence of 20 years.

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