July 31, 2020
By Caity Witucki
Contributing Editor, Fraud Friday
Fraud Friday — Florida Man uses $3.9 Million PPP Loan on Lamborghini
On Monday, Florida resident, David Tyler Hines, was taken into custody on allegations that he fraudulently obtained $3.9 million in Paycheck Protection Program (PPP) loans which he then used to purchase a 2020 Lamborghini Huracan and other luxury items.
The criminal complaint alleges that Hines sought approximately $13.5 million through seven different PPP loan applications. On the applications, Hines claimed that he was either the manager or president of four separate companies for which he claimed to have had monthly payroll expenses of $4 million. However, U.S. postal inspector, Bryan Masmela, says that the employees listed on Hines’ loan applications either do not exist or earn just a fraction of the pay listed. Nevertheless, due to misleading statements on the loan applications, Hines’ financial institution approved and funded approximately $3.9 million in loans.
In the days and weeks following the disbursement of PPP funds, Hines failed to make payroll. Instead, he allegedly purchased an electric blue 2020 Lamborghini Huracan Evo sports car for approximately $318,000, which he registered jointly in his name and the name of one of his companies. With the remaining funds, prosecutors say Hines’ made over $8,000 in purchases at luxury jewelry stores, spent $11,000 at resorts in Miami Beach and gave a total of $30,000 to an unknown recipient which prosecutors have labeled as “mom.”
Hines’ trial date has not yet been set. “While the allegations appear very serious, especially in light of the pandemic, David is anxious to tell his side of the story when the time comes,” says Hines’ attorney, Chad Piotrowski.
Hines is currently facing charges of bank fraud, making a false statement to a lending union, and engaging in transactions in unlawful proceeds. The first two charges each carry a maximum sentence of 30 years in prison and up to a $1,000,000 fine if he is found guilty.