A Miami man is accused of spending part of his Paycheck Protection Program loan on a 2020 Lamborghini Huracan, according to reports.
The Justice Department accused David T. Hines, 29, of seeking $ 13.5 million in loans by writing fraudulent loan applications under the pretext of various companies, Fox 9 reported. Authorities said he dropped $ 318,000 on the sports car. Italian and had $ 3.4 million in bank accounts.
The New York Times reported that Hines claimed it operated four companies with dozens of employees with approximately $ 4 million in monthly expenses. The Times reported, citing authorities, that it made three payments of $ 3.9 million.
((Federal Prosecutor’s Office)
“In the days and weeks after the PPP funds were disbursed, the complaint alleges that Hines did not make the payroll payments he claimed on his loan applications,” according to a Justice Department statement. “However, he did shop at luxury stores and resorts in Miami Beach.”
Earlier this month, the government identified approximately 650,000 mostly small, nonprofit companies that received taxpayer money through a federal program that was designed to smooth job losses from the coronavirus, but also benefited Rich, well-connected companies and some celebrity-owned firms.
David T. Hines
(Miami-Dade County Department of Corrections)
As of June 30, the program had delivered $ 521 billion. The Treasury Department identified only a fraction of total borrowers on Monday, naming only companies that raised more than $ 150,000. Those companies made up less than 15% of the nearly 5 million small businesses and organizations that received loans.
Hines was charged with bank fraud, making false statements to a financial institution and engaging in illegal profit transactions, authorities said.
GET THE FOX NEWS APP
Chad Piotrowski, Hines’ attorney, told the newspaper that his client was a legitimate business owner who “like millions of Americans, suffered financially during the pandemic.” He hopes to tell his side of the story, the lawyer said.
Associated Press contributed to this report.
