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 U.S. 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 Huracan 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.
- Coronavirus Timeline: Total COVID-19 cases near 175K, deaths now stand at 2,097 in the state
- CHART: Tennessee Department of Health’s count of coronavirus cases by day in state
- Greene County mayor extends mask mandate through September 30
- Video and pictures of packed house party near KU campus spark concern as virus cases rise
- Tennessee Coronavirus: Two weeks into September, state has seen a 12.48% increase in COVID-19 cases and a 19.56% increase in deaths
- Coronavirus in Tennessee: Knox County reports smallest 1-day increase in new cases so far in September
- Oxford and AstraZeneca resume coronavirus vaccine trial
- Tennessee Coronavirus: Total COVID-19 cases reach 171,824 with 933 new cases reported Sunday
- Coronavirus in Tennessee: Inactive cases rise by 204 as Knox County reports 121 new cases & no new deaths
- As Trump played down virus, health experts’ alarm grew
- Dakotas lead US in virus growth as both reject mask rules
- Tennessee Coronavirus: COVID-19 deaths hit 2,064 with 39 new ones reported Saturday
- Coronavirus in Tennessee: Inactive cases rise by 229 as Knox County reports 189 new cases & 3 new deaths
- As restaurants, bars re-open amid coronavirus, CDC study urges caution
- Ohio college students test positive for coronavirus, throw party