About this episode

The episode discusses the unraveling of a major check-kiting scheme led by Najeeb Khan and its legal implications.

In this episode, Judge Gunn is joined by attorneys Nick Miller and Mark Iammartino to discuss the unwinding of one of the largest check-kiting schemes in modern history. Najeeb Khan operated a successful payroll processing company in Indiana in the early 2000s. At some point around 2011, Khan began embezzling funds from his payroll processing company and using an elaborate check-kiting scheme to cover up the missing funds. Between 2011 and 2019, Khan embezzled an estimated $73 million from the scheme, which he used to purchase one of the largest classic car collections in the country (consisting of more than 250 cars including at least one that could also be used as a boat), several airplanes, and multiple luxury residences in Michigan, Florida, and Arizona. The scheme came crashing down in 2019, when Khan abruptly halted the musical chairs of worthless checks he was circulating, leaving Key Bank holding the bag for over $140 million in losses based on funds Khan had wired out of a Key Bank account based on provisional account credits issued against ultimately worthless checks. Mark Iammartino, the Chapter 7 trustee in one of the fifteen (15) bankruptcy cases that resulted from…

People in this episode

Host: Judge Gunn

Guests: Nick Miller, Mark Iammartino

Topics covered

• bankruptcy
• check-kiting scheme
• embezzlement
• financial crime
• legal proceedings
• classic car collection

Keywords

• check-kiting
• embezzlement
• bankruptcy
• Najeeb Khan
• Key Bank
• financial fraud
• classic cars
• legal issues

Mentioned in this episode

Organizations: Key Bank

Places: Indiana, Michigan, Florida, Arizona

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