Florida man uses COVID-19 PPP loan to buy Lamborghini Huracan sports car
FLORIDA. (WCTV) – On Wednesday, a Florida man was arrested on charges of fraudulently obtaining $ 3.9 million in Paycheck Protection Program loans and using those funds to, in part, purchase a Lamborghini Huracan sports car for itself.
David T. Hines, 29, of Miami, was indicted by criminal complaint during his initial appearance before the Chief Justice of the United States, Judge John J. O’Sullivan, with one count of bank fraud, one count false statements to a financial institution and one count of engaging in transactions with illegal products.
According to the Office of the Inspector General of the Federal Deposit Insurance Corporation, a criminal complaint is an allegation and all defendants are presumed innocent until their guilt is proven beyond a reasonable doubt in court.
Authorities seized the car for $ 318,000 and $ 3.4 million from bank accounts at the time of Hines’ arrest.
According to the complaint, Hines solicited about $ 13.5 million in PPP loans through applications from a financial institution insured on behalf of multiple companies.
The complaint also alleges that Hines had fraudulent loan applications submitted which made numerous false and misleading statements about the companies’ respective salary expenses.
The financial institution approved and funded approximately $ 3.9 million in loans to Hines.
The complaint further alleges that within days of receiving the PPP funds, Hines purchased the sports car, which he jointly registered in his own name and in the name of one of his companies.
In the days and weeks after the PPP funds were disbursed, the complaint alleges that Hines failed to make the payroll payments he claimed on his loan applications. He did, however, shop at luxury retailers and resorts in Miami Beach.
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