Miami man pleads guilty to using Covid loan for Lamborghini
The Miami man used the proceeds to go on a spending spree that included shelling out $318,000 on a Lamborghini and running up bills at a jewelry store.
A South Florida man 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 at a hearing Wednesday held via videoconference because of COVID-19 restrictions. He will be sentenced in April.
Red Lamborghini Huracan sports car on street. (iStock)
As part of the plea, Hines acknowledged receiving $3.9 million in federal government loans on behalf of different companies he managed, fraudulently claiming they would be used to pay employees impacted by the pandemic.
Instead, he used the proceeds to go on a spending spree that included shelling out $318,000 on a Lamborghini sportscar as well as running up bills at a jewelry store and a luxury Miami Beach hotel.
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The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the pandemic. It's part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.