A South Florida man pleaded guilty to fraudulently obtaining $ 3.9 million in federal coronavirus loans and using some of the …
A man in South Florida has pleaded guilty to fraudulently obtaining $ 3.9 million in federal coronavirus loans and using some of the money to buy a Lamborghini Huracan.
David Hines, of Miami, rubbed his forehead in apparent shame as he pleaded guilty to federal charges, including bank fraud, in a videoconference hearing on Wednesday due to COVID-19 restrictions . He will be sentenced in April.
As part of the plea, Hines admitted receiving $ 3.9 million in loans from the federal government on behalf of various businesses he managed, fraudulently claiming that they would be used to pay employees affected by the pandemic.
Instead, he used the proceeds to embark on a spending spree that included the $ 318,000 payout on a Lamborghini sports car as well as bills at a jewelry store and luxury hotel in Miami Beach.
The paycheck protection program represents billions of dollars in repayable small business loans for Americans struggling due to the pandemic. It’s part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.
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