Florida man who used CARES Act PPP loan money to buy a Lamborghini pleads guilty
He's set to be sentenced in April.
Don't try and buy one of these with money stolen from the government.
So, it's not a great idea to attempt to scam the government. It has a lot of resources and entire departments of smart and officious people who are dedicated solely to tracking you down and peeing in your Wheaties (figuratively speaking).
That said, it's probably an even worse idea to defraud the government of millions of dollars in Paycheck Protection Program loans and use some of that money to buy a Lamborghini . That's just what Miami resident David Hines, 29, did last year. We reported on his story in July, and now, according to a report published Thursday by The Hill, Hines has pleaded guilty to one count of wire fraud and is set to be sentenced on April 14.
According to his statement to prosecutors, Hines secured approximately $4 million in PPP loans from various financial institutions by submitting false applications for legitimate companies. He then used some of that money to buy a Lamborghini Huracan for $318,000. Sure, the Huracan is an exciting supercar, but if you're going to end up in jail, get an Aventador or something.
According to the Department of Justice, since the CARES Act was enacted, it has prosecuted 100 defendants in 70 cases of fraud. It has seized $60 million in funds meant to help small businesses meet payroll requirements while shelter-in-place orders prohibited them from doing business.
Impressively, this is not the only Lamborghini fraudulently purchased with stimulus money. In August last year, a Houston man faced various fraud charges after allegedly using PPP money to buy an Urus and a Ford F-350.
