Florida man pleads guilty to using PPP loans to buy Lamborghini


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A Florida man on Wednesday pleaded guilty to fraudulently obtaining nearly $ 4 million in Paycheck Protection Program (PPP) loans, some of which were used buy a Lamborghini sports car.

The plea comes after David Hines, 29, of Miami, was billed in July with one count of bank fraud, one count of misrepresentation to a financial institution and one count of involvement in transactions with illegal products.

The Department of Justice (DOJ) announced in a press release Wednesday that Hines, as part of his plea deal, “admitted that he fraudulently solicited millions of dollars in PPP loans through applications from a financial institution insured on behalf of various companies, ”which resulted in him improperly obtaining $ 3.9 million in loans intended for businesses to supplement labor income and other expenses amid the coronavirus pandemic.

Hines admitted that he did not make the payroll payments he claimed on loan applications and instead used federal government money for personal expenses.

The man also admitted that within days of receiving the funds, he had used around $ 318,000 to purchase a 2020 Lamborghini Huracan sports car for himself, according to the DOJ.

At the time of his arrest, authorities seized the Lamborghini, as well as $ 3.4 million that Hines had in his bank accounts.

As part of the deal, Hines pleaded guilty to one count of wire fraud, with sentencing slated for April 14.

The DOJ added on Wednesday that since the passage of the CARES (Coronavirus Aid, Relief, and Economic Security) law in March 2020, fraud attorneys have prosecuted more than 100 defendants in more than 70 criminal cases, seizing more than $ 60 million in cash that had been obtained fraudulently through P3 funds, as well as real estate and other items inappropriately purchased with the loans.

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