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A Guy from Florida allegedly sniffed out the federal small business assistance program during the coronavirus crisis and then blew up the budget on dating sites, luxury jewelry and a Lamborghini, according to court documents filed Monday.
David T. Hines, 29, of Miami, is accused of fraudulently $3.9 million in PayCheck Protection Program (PPP) loans, federal prosecutors said.
Mr. Hines is accused of bank fraud, making false statements to a monetary establishment and dealing with illegal products.
Hines applied for about $13.5 million in PPP loans through programs on behalf of six corporations he intended to own, according to a criminal complaint filed in Miami.
In the end, 3 banks provided loans totaling $3.9 million.
He told the banks that his businesses had at least 70 workers and a combined payroll of about $4 million, according to the offender’s complaint. But prosecutors say the Florida Department of Revenue had no record of wages paid to any of the corporations in 2015 in the first quarter of 2020.
Although Hines said he would use the budget to retain workers, payroll and cover other business expenses, prosecutors allege he embarked on a luxury shopping spree.
Hines allegedly used PPP loans to buy a Lamborghini Huracan 2020 for $318497, to the offender’s complaint.
He is also accused of spending $4,622 on Saks Fifth Ave, $4,000 at the Fontainebleau hotel in Miami and $8,530 at a diamond shop.
“Hines never had the legal responsibility for the payroll he claimed to have and improperly appropriated the loan funds for unauthorized purposes,” the prosecutors wrote.
PPP is a component of the CareS (Coronavirus Aid, Relief Economic Security) Act, a component of the $1 trillion stimulus package to alleviate monetary difficulties through the pandemic.
APP budgets are used through companies to cover wage costs, loan interest, procurement, or other expenses. Loans can be canceled if used for payroll.