LOS ANGELES—An Orange County man was sentenced Feb. 17 to 4 1/2 years in federal prison for fraudulently obtaining $5 million in COVID-relief loans for his sham businesses, then used the money on himself, including purchasing Ferrari, Bentley, and Lamborghini cars.
Mustafa Qadiri, 42, of Irvine, was sentenced by U.S. District Judge Josephine L. Staton, who also fined him $20,000 and ordered him to pay $2.86 million in restitution, according to the U.S. Attorney’s Office.
Qadiri pleaded guilty in July 2021 to one count each of bank fraud, aggravated identity theft, and money laundering.
According to court documents, he claimed to have operated four Newport Beach-based companies, none of which were in operation: All American Lending Inc., All American Capital Holdings Inc., RadMediaLab Inc., and Ad Blot Inc….