A Florida man has been arrested on bank fraud charges after prosecutors say, he used federal COVID-19 loans to buy a bright blue Lamborghini Huracan Evo.
29-year-old David T. Hines of Miami received nearly $4 million in coronavirus federal loans to assist employees affected by the coronavirus, according to a report by the Miami Herald.
His first purchase? A Lamborghini which costs $318,497. However, reports say the purchase was not on the list of permissible items under the Small Business Administration loan program.
Hines’ also used some of the money on dating website accounts, jewelry and clothing expenditures as well as reservations at high-end Miami Beach hotels such as the Fontainebleau and Setai, the Herald reported.The newspaper reported an investigation into Hines found he applied for an SBA loan of $13.5 million through Bank of America for his four South Florida moving business, claiming it would be spent on his 70 employees with a payroll of $4 million. Bank of America approved $3,984,557. However, authorities found Hines’ companies monthly revenue and expenses averages about $200,000.