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

Photo by Jay R. Jordan

Prosecutors finally caught up with him.

Jamie Grill / Getty Images / Tetra images RF

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

Fahad Shah, 44, admitted to court on Wednesday that he illegally requested two PPP loans from a separate lender for a total of $ 3.2 million, claiming his wedding planning company called Weddings by Farah employed 126 people with massive amounts of money. monthly salary of $ 600,000.

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

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

He immediately spent over $ 1 million investing, paying off his mortgage, and buying two Teslas, two Freightliner trucks, and a Mercedes Benz van.

“PPP loans were intended to help businesses keep themselves and their employees 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.”

He faces up to 20 years in federal prison.

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