TODAY’S GENIUS AWARD GOES TO……
A Miami man defrauded the government out of nearly $4 million dollars in emergency Paycheck Protection Program funds and used part of the windfall to pay for a $318,000 Lamborghini sports car. 29-year-old David Hines has been charged with bank fraud and two other felonies, according to a criminal complaint unsealed in U.S. District Court.
Federal agents allege that Hines submitted seven separate loan applications to Bank of America seeking a total of $13.5 million in PPP payments that are intended to be used to retain workers, maintain payroll, and cover other business expenses in the face of the financial devastation caused by the COVID-19 pandemic.
Three of Hines’s loan applications were approved, with Bank of America depositing $3.984 million into several of his corporate accounts. A review of Hines’s bank accounts showed that he used PPP funds to pay $318,497.53 for a 2020 Lamborghini Huracán Evo. His bank accounts were subsequently seized and the car is now in the government’s possession.