A Florida man has been arrested and is facing charges after federal prosecutors say he “fraudulently” obtained nearly $4 million in Paycheck Protection Program (PPP) loans and used some of the money to buy a Lamborghini sports car, The Hill reported. David Hines of Miami was 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, the Department of Justice (DOJ) announced. The office said a complaint filed against he man alleges he fraudulently obtained $3.9 million in PPP loans, which were intended to help support small businesses and other organizations hit by the COVID-19 pandemic, after initially seeking roughly $13.5 million in PPP loans “through applications to an insured financial institution on behalf of different companies.” After being approved for a fraction of the amount by a financial institution, he allegedly spent roughly $318,000 on a 2020 Lamborghini Huracan sports car and registered the vehicle in his name and the name of one of his companies. The department said authorities seized the sports car and $3.4 million from bank accounts at the time of Hines’ arrest.
