Tuesday, July 28, 2020

Feds charge Florida man who used PPP relief funds to buy $318K Lamborghini

David T. Hines is accused of using PPP loan funds to make luxury purchases like a $318,000 Lamborghini. (U.S. Attorney's Office)

MIAMI — A Florida man is accused of fraudulently obtaining a $3.9 million Paycheck Protection Program loan and using part of the funds to buy a $318,000 Lamborghini, the Department of Justice said Monday.
David T. Hines, 29, of Miami, was arrested Friday and 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, the DOJ said in a news release.
Authorities seized the sports car and $3.4 million from bank accounts at the time of Hines’ arrest, the statement said. Those expenses were not permissible under a Small Business Administration loan program meant to protect employees during the coronavirus pandemic, the Miami Herald reported. The SBA’s program, totaling nearly $650 billion, was approved by Congress as part of the CARES Act.

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