MIAMI — David Hines pleaded guilty Feb. 10, 2021, to fraudulently obtaining about $3.9 million in Paycheck Protection Program loans and using a portion of it to buy a brand new Lamborghini, according to the Department of Justice.
He pleaded guilty to one count of wire fraud and is scheduled to be sentenced on April 14, the department said in a news release.
The previous story is below.
---
Loans meant to help businesses get through the COVID-19 pandemic ended up in the pockets of a Florida man who used the money to buy a 2020 Lamborghini, prosecutors allege.
David Hines, of Miami, tried to get $13.5 million in Paycheck Protection Program, or PPP, loans through applications sent to an insured financial institution on behalf of several companies, according to a Department of Justice news release.
The 29-year-old reportedly made several false and misleading statements about the companies' payroll expenses and ended up with $3.9 million in loans.
Within days, prosecutors said Hines used the money to buy a $318,000 Lamborghini Huracan. He, too, allegedly didn't make payroll payments that he claimed on loan applications but did go out to luxury stores and resorts in Miami Beach to make a few purchases.
Authorities seized $3.4 million in Hines' bank accounts and the Lamborghini at the time of his arrest, the release states.
He is 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.
- Family of Don Lewis, whose disappearance resurfaced in 'Tiger King,' set to make announcements in his cold case
- Invest 92-L likely to become Tropical Storm Isaias in the next couple of days
- You might get an unsolicited package of seeds from China, but don't open it. Here's why
- Reports: Miami Marlins players, coaches test positive for COVID-19
- Pinellas County’s COVID-19 positivity rate dips below 5 percent
- Here are the reopening plans for Tampa Bay school districts
FREE 10 TAMPA BAY APP:
►Stay In the Know! Sign up now for the Brightside Blend Newsletter
