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. 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.
He used the money to fund a lavish lifestyle that included expensive vacations, mansions in Arizona and Michigan and properties in Florida and Montana, as well as planes and yachts. His massive car collection included pristine vintage Ferraris, Fiats and Jaguars.
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