A man in Florida spent his PPP loan on hotels, jewelry and $318,497 Lamborghini, authorities say

A man from Florida has been found guilty of bank fraud for allegedly concealing the truth on his PPP loan application.

The man, who is named Hines has been found guilty of spending the money received via PPP loan on luxury items such as a Lamborghini Huracán EVO, according to the investigations done by federal authorities. The sum of funds (about $521 billion) of the PPP Program are destined for small enterprises so that they can sustain themselves and keep their employees at work throughout the coronavirus pandemic.

The Perpetrator of the Scam

David Tyler Hines, the 29-year-old man has been identified as the culprit of the PPP scam. Hines did not just file for fraudulent PPP applications but also managed to spend the entire sum of money of around $318,497.53 on Lamborghini Huracán EVO and other “luxury and lavish things,” such as nearly $5,000 at Saks Fifth Ave, more than $11,000 at two Miami-area hotels and a $8,530 purchase at Graff Diamonds, investigators say.

Hines is just one among the millions of business owners who rushed to seek government aid when the coronavirus pandemic hit the U.S. economy.

“There does not appear to be any business purpose for most, if not all, of these expenses,” the criminal complaint reads.

A picture of a blue Lamborghini has been sourced by authorities investigating the matter. They claim that the blue vehicle is the one which Hines’ purchased. Bank records sourced by US Postal investigators also cement the fact that Hines received almost $4 million in taxpayer dollars through three low-interest, forgivable PPP loans.

The 29-year-old Florida man had initially filed for an assistance sum of $13.5 million in seven PPP loan applications. But why? He said that his four different small and medium companies needed the funds to continue paying employees.

“There does not appear to be any business purpose for more, if not all, of these expenses,” the complaint read.

What Did Hines Say?

“While the allegations appear very serious, especially in light of the pandemic, David is anxious to tell his side of the story when the time comes,” Piotrowski said.

Hines currently faces grievous charges of defrauding banks and providing false statements to financial institutions in hopes of getting a loan, as well as being involved in illicit transactions.

The first two charges, if proven, will result in a prison sentence of 30 years (max) and up to a $1,000,000 fine if convicted.

Jus the previous week, Hines was pictured by WSVN-TV in Miami being cited by police for not wearing a face mask in public, for which he received a $100 penalty by the law enforcement officials.

During the process, he had the audacity to complain to the station about the distribution of PPP loans.

“Every single business has gone out of business,” he exclaimed. “The government, the Treasury — they gave $2 trillion for PPP loans for small businesses. Eighty-five percent went to major corporations.”

As per reports of NBC Miami, Hines was previously arrested in the year 2018 after reporting that his girlfriend had stolen his Lamborghini.

“David is a legitimate business owner who, like millions of Americans, suffered financially during the pandemic,” Hines attorney Chad Piotrowski told to CNN in a statement.

“If found guilty, Hines faces up to a $1,000,000 fine and up to 30 years prison for bank fraud; up to a $1,000,000 fine and up to 30 years prison for false statement to a lending institution; and a prison sentence of up to ten years for engaging in transactions in unlawful proceeds.

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