David Hines charged in $3.9 million coronavirus loan fraud

David Hines charged in $3.9 million coronavirus loan fraud

There have been many, let's say, questionable recipients of Paycheck Protection Program (PPP) loans recently.

Miami law enforcement impounded the auto, which federal prosecutors now strategy to seize.

The bank, however, only approved the US$3.9 million in loans and within a few days, Hines bought the Lamborghini which he jointly registered under his name and the name of one of his companies. Authorities said he dropped $318,000 on the Italian sports vehicle and had $3.4 million in bank accounts.

Hines applied to a bank for approximately $13.5 million in Paycheck Protection Program loans on behalf of different companies, according to a criminal complaint. Companies that received PPP funds were generally required to keep their employees on payroll as a condition of receiving the loan.

Hines, 29, was arrested on Friday and charged on Monday according to a statement by the Department of Justice.

Hines, 29, held over the weekend at the Federal Detention Center, was granted a $100,000 bond by Magistrate Judge John O'Sullivan and will be allowed to stay at his mother's home with a Global Positioning System monitor.

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The charging documents, however, read that the purported employees never existed nor earned a fraction of what Hines had claimed in his PPP applications.

The complaint says Hines submitted fraudulent loan applications that made numerous false and misleading statements about the companies' payroll expenses.

Hines was in federal custody over the weekend, released on bond on Monday and is scheduled to be arraigned on October 14. He says "David is a legitimate business owner who, like millions of Americans, suffered financially during the Pandemic", he said in a statement to The Washington Post. "State and bank records, however, show little to no payroll expense during this period".

David Hines was charged for fraudulently using a PPP loan to purchase a Lamborghini Huracan sports vehicle.

The federal case against Hines is not his first brush with the law.

Federal investigators linked the athletics automobile to Hines just after he was included in a strike-and-run incident on July 11, The Miami Herald described. But Hines became uncooperative, and both he and the girlfriend fled before eventually being found and arrested.

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