- Florida man arrested for nearly $4 million PPP fraud
- $318,000 Lamborghini and $3.4 million seized by Federal agents
A Florida man, David T. Hines, 29, from Miami, has been arrested for fraudulently obtaining nearly $4 million from the Paycheck Protection Program.
The arrest took place on the 24th of July, and he 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.
Also, Federal agents found in his possession, a $318,000 Lamborghini and $3.4 million in his account, which has all been seized.
The criminal complaint against Hines was unsealed on Monday, July 27, upon his initial appearance before U.S. Chief Magistrate Judge John J. O’Sullivan in the Southern District of Florida.
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The complaint alleges that Hines sought approximately $13.5 million in PPP loans through applications on behalf of several companies, the DOJ news release said.
According to the complaint, Hines submitted fraudulent loan applications that made “numerous false and misleading statements” about the companies’ payroll expenses. Hines was approved for approximately $3.9 million in loans,
Within days of receiving the PPP loan in May, Hines allegedly bought a 2020 Lamborghini Huracan for $318,497, which he registered jointly in his name and in the name of one of his companies.
The Department of Justice alleges that Hines did not make the payroll payments he claimed on his loan applications, but also spent thousands of dollars on dating websites, jewelry and clothes and stayed at high-end hotels such as the Fontainebleau and Setai on Miami Beach, the Herald reported.
Hines’s next arraignment will be on Oct. 14 and has been ordered to stay at his mother’s home with a GPS monitor.
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