He was also ordered to pay back over $150 million in restitution.
Najeeb Khan has been sentenced to 97 months in prison for a check-kiting scheme that netted him over $180 million,. Khan used the ill-gotten funds to bankroll a lavish lifestyle that saw him build one of the world’s most revered collections of classic cars.Exclusive: Sammy Hagar’s 2015 Ferrari LaFerrari Is Up For Grabs, and He Tells Us WhyKhan perpetrated the fraud between 2011 and 2019 while growing his Elkhart, Indiana-based payroll processing company.
In addition to Khan’s prison sentence—which works out to eight years and one month—he has also been ordered to pay over $150 million to his victims and the IRS. This includes $121 million in restitution to Key Bank, $27 million to his former clients, and $9.8 million in back taxes. He will also have to serve three years of supervised release once released from prison.
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