Overview

• Najeeb Khan, a Michigan businessman, has been sentenced to over eight years in prison for orchestrating a $180 million check-kiting scheme from 2011 to 2019, which he used to live a lavish lifestyle and accumulate a significant collection of classic cars, private planes, yachts, and other luxuries.
• Khan enriched himself with approximately $73 million from the fraud, funding his expensive lifestyle which included mansions in Michigan and Arizona, properties in Florida and Montana, and vacations.
• The businessman pleaded guilty to bank fraud and attempted tax evasion. He has been ordered to pay restitution totaling $121 million to Cleveland-based KeyBank, $27 million to victims who were his clients, and $9.8 million in back taxes.
• Some of Khan's ill-gotten wealth was recouped by selling off his car collection, which comprised over 250 vehicles including vintage Ferraris, Fiats and Jaguars, at auction for about $40 million.
• When Khan's fraudulent scheme collapsed, around 1,700 of his clients, including small-to-mid-sized businesses, nonprofits and charities, suffered financial losses. Some victims had to settle the financial dispute from their own pockets or take credit lines, and some others had to lay off employees.