David T. Hines, PPP Loan Fraud, Florida 2023

Florida Man Pleads Guilty to PPP Loan Fraud

A Florida man pleaded guilty to fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds to purchase a Lamborghini sports car for himself.

David T. Hines, 29, of Miami, received the loans in April 2020, and within days of receiving the funds, he used them to purchase a 2020 Lamborghini Huracan sports car for approximately $318,000.

Plea documents indicate that in the days and weeks following the disbursement of PPP funds, Hines did not make payroll payments that he claimed on his loan applications. He did, however, use the PPP proceeds for personal expenses.

As part of his guilty plea, Hines admitted that he fraudulently sought millions of dollars in PPP loans through applications to an insured financial institution on behalf of different companies. He caused to be submitted fraudulent loan applications that made numerous false and misleading statements about the companies’ respective payroll expenses.

The financial institution approved and funded approximately $3.9 million in PPP loans. Authorities seized the Lamborghini and $3.4 million from Hines’ bank accounts at the time of his arrest.

Hines pleaded guilty to one count of wire fraud and is scheduled to be sentenced on April 14, 2023. He faces a maximum sentence of 20 years in prison.

The case was investigated by the FDIC-OIG, U.S. Postal Inspection Service, IRS-CI, the SBA-OIG, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection OIG.

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