David T. Hines, a 29-year-old man in Miami, Florida, was charged in federal court for fraudulently obtaining $3.9 million in loans from the paycheck coverage program and then cash to buy a Lamborghini Huracan 2020, among others. Things.
Hines has been charged with “a charge of bank fraud, a charge of making false statements to a monetary establishment, and a charge of dealing with illegal products,” the U.S. Department of Justice announced Monday.
A complaint alleges that the application of hines to corporations attempted to download approximately US$13.5 million in PPP loans. He accuses Hines of filing loan programs with misleading and false statements about the wage expenses of those corporations.
The purpose of the program, which is part of the federal CARES act enacted on March 29, is to provide emergency monetary assistance to Americans during the COVID-19 pandemic. Through the program, eligible small businesses can apply for grants for awning expenses, such as task retention, wage costs, loan interest, rent, and utilities.
Hines said in his PPP loan programs that he had 4 corporations with 70 workers and $4 million in monthly expenses, the New York Times reported. But an affidavit said his monthly expenses actually amounted to about $200,000.
The Department of Justice stated that the complaint alleges that “within days of receiving PPP funds” Hines went to buy a Lamborghini Huracan 2020 that for approximately US$318,000, “registered in conjunction with his call and on behalf of one of his companies.”
After receiving the funds, Hines did not make the payroll bills he said he would do for his loan applications, according to the complaint. Instead, he made an “expense frenzy” involving “luxury jewelry, expensive clothing, visits to Miami Beach resorts and spending on dating sites,” the Times reported, which he mentioned to officials.
According to the Times story:
Hines faces up to 70 years if convicted of all charges, an official told The Times.
An affidavit from a postal inspector stated that corporations 4 Hines “did not have an operational website,” according to the Times report. The affidavit goes on to say that clients complained about two other corporations for their “bait and transfer practices and other deceptive activities.”
“Both are F-qualified” on the Better Business Bureau website, according to the affidavit.
Hines’ lawyer, Chad Piotrowski, told The Times that Hines was “a valid business owner who, like millions of Americans, suffered financially during the pandemic” and was “looking forward to tell his appearance of the story when the time comes.” Array»
The Justice Department said it confiscated the Lamborghini and $3.4 million in bank accounts when Hines was arrested.
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