David T. Hines of Miami is behind bars after allegedly buying a new sports car with fraudulent government loans.
According to prosecutors, Hines fraudulently obtained $3.9 million in federal coronavirus relief loans, using some of the money to buy a $318,000 Lamborghini Huracan. Instead of using the money for payroll payments, he made purchases at luxury retailers and resorts in Miami Beach, officials said.
The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic. NBC6 reported Hines was arrested and charged last week with bank fraud, making false statements to a financial institution and engaging in transactions in unlawful proceeds.
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