Muslims WorldWide

NY: State Island Muslim arrested for cheatings banks with $82 million in bad checks


Staten Island businessman’s $82 million in bad checks… in just two weeks

Saquib Khan wrote the worthless checks last month, according to Brooklyn federal prosecutors. Khan, 51, was released on $400,000 bail.

 

By / NEW YORK DAILY NEWS

Saturday, December 22, 2012, 7:50 PM

	12/19/2012 - In February 2000, Saquib Khan hosted a $1,000-a-person fundraiser at his then-Todt Hill home for Hillary Clinton’s Democratic Senate campaign.

Michael McWeeney/Staten Island Advance

Saquib Khan hosted a $1,000-a-person fundraiser at his then-Todt Hill home for Hillary Clinton’s Democratic Senate campaign.

A Staten Island business owner known for throwing lavish fund-raisers for political candidates was charged with writing $82 million in bad checks — in just two weeks.

Saquib Khan wrote the worthless checks last month, according to Brooklyn federal prosecutors. Khan, 51, was released on $400,000 bail.

He has thrown big-dollar fund-raisers on both sides of the aisle, according to a report in the Staten Island Advance.

The arrest marks a steep fall for Khan, who hosted a $1,000-a-plate dinner for Hillary Clinton’s Senate campaign in 2000 and later threw a cash bash for then-Gov. George Pataki.

Khan allegedly fleeced six banks through a “large-scale check-kiting” scheme, according to court papers.

He is charged with writing checks to himself, despite not having enough money in his accounts to cover the massive withdrawals, according to prosecutors. Khan then tried to cover his tracks by wiring money back into the original accounts, but the suspicious transactions were flagged by officials at the financial institutions.

Khan was arrested last week. He could not be reached for comment.

According to court documents, he owns Richmond Wholesale Company Inc., a Staten Island-based firm that sells snack foods, bottled water and cigarettes to gas stations and bodegas throughout the region. Khan, who now lives in New Jersey, is also active in several Pakistani-American civic groups.

jlemire@nydailynews.com

 

 

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