(NBC NEWS) – A California man was released on $100,000 bond Friday after he was charged with fraudulently obtaining more than $5 million in government-backed Paycheck Protection Program loans that he used to fund a luxury lifestyle.
Prosecutors said Mustafa Qadiri, 38, of Irvine used the money to buy three cars that cost six figures each: a 2011 Ferrari 458 Italia, a 2018 Lamborghini Aventador S, and a Bentley Continental GT.
He was charged in an indictment with four counts of bank fraud, four counts of wire fraud, one count of aggravated identity theft and six counts of money laundering. He was arrested Friday morning.
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