A Florida man allegedly scammed nearly $4 million from the Paycheck Protection Program, spending the money on a new Lamborghini, hotel stays, dating websites, and jewelry.
David Hines, 29, has been charged with bank fraud, making false statements to a financial institution, and engaging in transactions in unlawful proceeds, according to a criminal complaint unsealed on Monday.
The PPP is part of the U.S. government's coronavirus relief loan program. Hines applied for $13.5 million in loans through applications on behalf of different companies, saying he needed the money for payroll. Those employees either did not exist or did not earn as much as Hines said.
Hines was eventually approved for loans totaling $3.9 million.
In addition to a $318,000 Lamborghini, Hines also allegedly spent thousands on dating websites, jewelry, clothes, and hotel stays in Miami beach.
Federal investigators linked Hines to the sports car after he was involved in a hit-and-run accident earlier this month. He was arrested on Friday and had his first court appearance on Monday. His arraignment is scheduled for October 14.