An Irvine man who allegedly claimed more than $5 million in fraudulent federal COVID-19 Payment Protection Program (PPP) loans, turned himself in to the U.S. Attorney’s office on Friday, May 7. The man, identified as 38-year-old Mustafa Qadiri, also had assets seized by authorities.

On Monday, May 11, Qadiri pleaded not guilty to accepting $5 million in federal PPP loans.

In a statement, the U.S. Attorney’s office said Qadiri was named in a federal grand jury indictment, with more than a dozen charges against him including bank fraud, wire fraud and money laundering.

The USAO said it has evidence the Irvine resident applied for PPP loans with falsified identities in May and June of 2020, for multiple “sham businesses” with addresses listed in Newport Beach.

“In May and June of 2020, Qadiri allegedly submitted false and fraudulent PPP loan applications to three banks on behalf of those companies. The false information allegedly included the number of employees to whom the companies paid wages, altered bank account records with inflated balances, and fictitious quarterly federal tax return forms. Qadiri allegedly also used someone else’s name, Social Security number and signature to fraudulently apply for one of the loans,” the USAO statement reads.

The businesses listed are: All American Lending, Inc., All American Capital Holdings, Inc., RadMediaLab, Inc., and Ad Blot, Inc.

Per a statement from the U.S. Attorney’s office, Qadiri used PPP loads to fund a lavish lifestyle, including a fleet of foreign sports cars.

In a subsequent tweet, the U.S. Attorney’s office released more information surrounding this case, along with images of three luxury sports cars seized from Qadiri, which include a black Lamborghini, a red Ferrari, and a black Bentley.

Aside from the vehicles, authorities also seized $2 million in cash from Qadiri’s bank.

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