The Epoch Times
The Epoch Times
AD
The Epoch Times
Support Us
SHARE
USUS News

Florida Man Who Bought $320K Lamborghini With Coronavirus Relief Funds Is Charged With Fraud

Copy
Facebook
X
Truth
Gettr
LinkedIn
Telegram
Email
Save
Florida Man Who Bought $320K Lamborghini With Coronavirus Relief Funds Is Charged With Fraud
Blank U.S. Treasury checks are run through a printer at the U.S. Treasury printing facility in Philadelphia, Pa., on July 18, 2011. William Thomas Cain/Getty Images
The Daily Caller News Foundation
By The Daily Caller News Foundation
7/28/2020Updated: 7/28/2020
<span style="color: #ffffff;">---</span>
---

The owner of a Florida moving company was arrested Monday and charged with using coronavirus relief funds to purchase personal items, including a $320,000 Lamborghini.

David Hines, 29, was charged with fraudulently obtaining a $3.9 million loan under the Paycheck Protection Program, which Congress passed to help small business owners pay employees and rent due to economic setbacks from the coronavirus pandemic.

A criminal complaint filed in federal court in Miami says that Hines claimed he had 70 employees at four different companies and paid more than $4 million in payroll each month.

Hines applied for $13.5 million in loans overall, according to an affidavit from Bryan Masmela, a U.S. Postal Inspector.

According to Masmela, Hines lied about his company’s payroll needs and used the loan proceeds to purchase the sports car, a vacation, jewelry, and clothes. Bank statements show that Hines made several cash withdrawals just under $10,000. He also wrote checks to several individuals, including $30,000 to someone referred to as “Mom.”

Masmela said Hines had “little to no” payroll expenses.

Authorities seized the sports car and $3.4 million in Hines’s bank account, the Justice Department said in a statement announcing the charges.

The Justice Department has said it will crack down on fraud in the PPP program. Congress approved nearly $350 billion in low-interest loans to small businesses to cover payroll costs and other overhead expenses. Businesses have two years to pay off the loans, and some can have loans forgiven altogether if they are spent within a certain period of time.

The Governmental Accountability Office warned in a report on June 25 that PPP loans were likely to be a major source of fraud given. The agency said “the limited safeguards and lack of timely and complete guidance and oversight planning have increased the likelihood that borrowers may misuse or improperly receive loan proceeds.”
By Chuck Ross
From The Daily Caller News Foundation
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
The Daily Caller News Foundation
The Daily Caller News Foundation
Author
Author’s Selected Articles

Yes, Biden Admin and the Left Are Coming for Your Gas Stove One Way or Another

Feb 07, 2023
Yes, Biden Admin and the Left Are Coming for Your Gas Stove One Way or Another

Kevin McCarthy Squares Up Against the ‘World’s Largest Bully’—China

Feb 07, 2023
Kevin McCarthy Squares Up Against the ‘World’s Largest Bully’—China

Sunny Jobs Report Hides the Ugly Truth About Biden’s Economy

Feb 06, 2023
Sunny Jobs Report Hides the Ugly Truth About Biden’s Economy

America Needs a Better Ukraine Strategy Than Handing Off Weapons and Hoping for the Best

Feb 03, 2023
America Needs a Better Ukraine Strategy Than Handing Off Weapons and Hoping for the Best
Related Topics
Florida
Fraud
Lamborghini
coronavirus
Save
The Epoch Times
Copyright © 2000 - 2025 The Epoch Times Association Inc. All Rights Reserved.