CLEVELAND—A businessman who orchestrated a $180 million check-kiting scheme and used the proceeds to live a lavish lifestyle and amass one of the world’s most revered classic car collections has been sentenced to more than eight years in prison.
Najeeb Khan, 70, of Edwardsburg, Michigan, told a federal judge Thursday that he was “blinded by greed” to carry out the scheme and buy more than 250 cars, as well as airplanes, boats, and a helicopter, according to Cleveland.com. Besides receiving a 97-month sentence, he must pay $121 million in restitution to Cleveland-based KeyBank, $27 million to clients, and $9.8 million in back taxes.
