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The Independent UK
The Independent UK
National
Via AP news wire

Businessman sentenced in $180 million bank fraud that paid for lavish lifestyle, classic cars

Prison
ASSOCIATED PRESS

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, according to Cleveland.com. 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.

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