MIAMI (WFLA) — A Florida man has been charged with obtaining $3.9 million in Paycheck Protection Program loans and using it to buy a sports car and other luxury items in Miami Beach.
The US Department of Justice said a criminal complaint was made against 29-year-old David T. Hines of Miami, Florida. The complaint alleges that Hines sought approximately $13.5 million in PPP loans on behalf of different companies and made numerous false statements to do so.
Hines was approved and awarded $3.9 million in loans.
The complaint further alleges that within days of receiving his PPP funds, Hines purchased a 2020 Lamborghini Hurican sports car for approximately $318,000. The 29-year-old is also accused of not making the payroll payments he claimed on his loan applications. He did, however, allegedly make purchases at luxury stores and resorts in Miami Beach.
Authorities seized the Lamborghini and $3.4 million from various bank accounts upon Hines’ arrest.
PPP funding is one source of relief provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted on March 29. The act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. Congress approved an additional $300 billion toward PPP in April.
Hines was charged with one count of bank fraud, one count of making false statements to a financial institution and one count of engaging in transactions in unlawful proceeds.
According to NBC 6 in South Florida, Hines was charged in 2018 for resisting arrest in Miami Beach. According to police, Hines flagged down an officer to say his girlfriend stole his Lamborghini. Shortly later, officials said Hines became uncooperative and both he and his girlfriend fled the scene.
Hines was later located and arrested.
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