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Check Kiting Scheme

All articles tagged with #check kiting scheme

crime2 years ago

"Michigan Man Sentenced to 8 Years for $180M Bank Fraud Scheme"

Najeeb Khan, a businessman from Michigan, has been sentenced to over eight years in prison for orchestrating a $180 million check-kiting scheme. Khan used the proceeds to fund a lavish lifestyle and acquire a collection of classic cars, including vintage Ferraris, Fiats, and Jaguars. He must pay $121 million in restitution to KeyBank, $27 million to clients, and $9.8 million in back taxes. Khan's scheme caused financial losses for around 1,700 clients, including small businesses, nonprofits, and charities.

via Detroit Free Press|
#bank-fraud#check-kiting-scheme#classic-cars
crime2 years ago

"Michiana Man Receives 8-Year Sentence for Check-Kiting Scheme"

Najeeb Khan, a Michiana man, has been sentenced to just over eight years in prison for a check-kiting scheme that involved stealing $150 million. Khan used his payroll services firm, IOI, as a front for the bank fraud and used the proceeds to support his passion for car collecting. The government argued that Khan's self-disclosure of his crimes was motivated by fear caused by a personal health scare rather than remorse. Khan was ordered to pay over $158 million in restitution and will serve his sentence concurrently for bank fraud and attempted tax evasion.

via WNDU|
#bank-fraud#car-collecting#check-kiting-scheme
business2 years ago

Lake District Faces Bankruptcy and Auction Cancellation

Lake City Bank and four of its officers were named in a lawsuit filed in a federal bankruptcy court, accusing them of being involved in or knowing about a check-kiting scheme that caused a financial loss of nearly $150 million to businesses around the country and KeyBank. Lake City Bank strongly rejected the accusations and argued that the activity it permitted IOI to run through their accounts was credible business activity and was not identified as fraudulent until it was terminated in July 2019. The bank hopes the bankruptcy case will be dismissed.

via WANE|
#bankruptcy-court#business#check-kiting-scheme