Gitiforooz's fraudulent scheme involved obtaining loans from banks and credit unions using false information and straw buyers. He would then default on the loans, leaving the lenders with significant financial losses. Gitiforooz was also accused of using his car dealership as a front for his fraudulent activities.
In 2019, Gitiforooz was convicted on multiple counts of bank fraud, wire fraud, and conspiracy. He was sentenced to 11 years in prison and ordered to pay over $17 million in restitution. Gitiforooz is currently serving his sentence at a federal prison in California.
Gitiforooz's case has attracted significant attention due to his lavish lifestyle and his use of deceptive tactics to defraud lenders. It serves as a cautionary tale about the importance of conducting thorough research and due diligence when dealing with used car salespeople, particularly those with a history of questionable business practices.
