MIAMI, Fla. – A Florida man was arrested and charged after authorities said he bought a sports car with loans from the Check Protection Program (PPP).
Authorities say David Hines, 29, was charged with one count of bank fraud, one count of making false statements to a financial institution and one count of engaging in illegal profit transactions.
The complaints allege that Hines applied for about $ 13.5 million in PPP loans through requests to an insured financial institution for different companies. He received $ 3.9 million in PPP loans.
The complaint says that Hines submitted fraudulent loan applications that made numerous false and misleading statements about the companies’ payroll expenses.
He used those funds, in part, to buy a $ 318,000 Lamborghini Huracan 2020 sports car for himself. Authorities then seized the car and $ 3.4 million from bank accounts at the time of the arrest.
PPP loans were designed to provide emergency financial assistance to millions of Americans suffering from the economic effects of the COVID-19 pandemic.
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