David T. Hines
David T. Hines is a 29-year-old man from Miami who is charged with spending $318,000 of his Paycheck Protection Program (PPP) loan on a 2020 Lamborghini Huracan. The Department of Justice accused Hines of seeking $13.5 million in loans by writing fraudulent loan applications under the guise of several companies.
Hines worked as an operator in four companies with dozens of employees with around $4 million in monthly expenses. He reportedly transferred around $3.4 million to his own bank accounts.
He was arrested and charged with three felonies, officials said on Monday.
David T. Hines Worked as a Finance Operator
In April, Hines joined to assist business owners who are asking for financial help from the federal Paycheck Protection Program, a loan program created to keep businesses’ employees during the pandemic.
According to Hines’ application, he worked as an operator for four South Florida moving businesses with 70 employees (with $4 million in monthly expenses).
In the following month, Hines started receiving money from the PPP, with three payments of $3,984,557. As Hines requested for more funds, he received $13,542,741 in total, according to the authorities.
David T. Hines Caught Using $3.4 Million in the Bank Accounts
According to Hines’ financial records, with his $3.4 million in his accounts, he went on to spending money from May to June on luxury, expensive clothes, visits to resorts in Miami Beach, and dating websites, officials said.
“In the days and weeks following the disbursement of PPP funds, the complaint alleges that Hines did not make payroll payments that he claimed on his loan applications. He did, however, make purchases at luxury retailers and resorts in Miami Beach”, according to a DOJ statement.
David T. Hines Financial Records
Hines made two payments n May totaling $30,000 to a person listed as “Mom”. In the same month, he spent more than $4,000 in Saks Fifth Avenue.
In June, Hines spent more than $7,000 in the Setai Hotel in Miami Beach, and $8,500 in the jewelry company Graff, according to his financial records.
One of the biggest purchases he made was on May 18, when he bought a blue 2020 Lamborghini Huracan for $318,497 in North Miami Beach. He registered the car under his name and that of one of his businesses.
So far, there have been no complaints against Hines’ companies. However, on the Better Business Bureau website, customers complained that two of Mr. Hines’s businesses conducted “bait-and-switch practices and other deceitful activities, according to the affidavit from the postal inspector.
David T. Hines Attorney and Investigations
Messages left for Mr. Hines have not been returned as of Monday night.
After Bank of America closed his moving companies’ accounts on June 24, Hines was held at the Federal Detention Center for the weekend, with being granted a $100,000 bond by Magistrate Judge John O’Sullivan.
Attorney, Chad Piotrowski, said that his client was “a legitimate business owner who, like millions of Americans, suffered financially during the pandemic” and “is anxious to tell his side of the story when the time comes.”
He is currently staying with his mother with a GPS monitor. He is set to appear in court on October 24.
Hines has been charged with bank fraud, making a false statement to a lending institution and engaging in transactions in unlawful proceeds. If convicted, he could be behind bars for 70 years.