Texas wedding planner bought Teslas, paid off mortgage with $ 1 million PPP loan

0



Photo by Jay R. Jordan

Prosecutors finally caught up with him.

Jamie Grill / Getty Images / Tetra images RF

A Texas wedding planner bought two Tesla’s and paid off his expensive mortgage with $ 1 million in fraudulent paycheck protection program loans, according to federal prosecutors.

Fahad Shah, 44, admitted in court on Wednesday that he illegally requested two PPP loans from a separate lender totaling $ 3.2 million, saying his wedding planning company called Weddings by Farah employed 126 people with a payroll monthly $ 600,000.

FORGING THE ALAMO: Does Phil Collins have a huge collection of fake Alamo artifacts?

Only two people actually work for Weddings by Farah, prosecutors said.


But before authorities caught up with Shah, he had already received $ 1.5 million from a lender and embarked on a spending spree within days.

He immediately spent over a million dollars to invest, pay off his mortgage, and buy two Tesla’s, two Freightliner trucks and a Mercedes Benz pickup truck.


“PPP loans were intended to help businesses stay afloat during the COVID-19 pandemic,” Acting US Attorney Nicholas Ganjei said. “PPP loans were not, and never were, intended to be used as personal loans for personal use.”

Shah faces up to 20 years in federal prison.





Leave A Reply

Your email address will not be published.