As life attempts to return to normal, more Paycheck Protection Program (PPP) fraud is coming to light. Luxury cars seem to be the choice of scammers, and the Lamborghini brand tops that list. What did this Florida man do with his ill-gotten gains? Diamonds and a Lamborghini Huracan supercar, of course.
Florida man purchased his new Lamborghini Huracan with fraudulent money
According to the U.S. Department of Justice, David T. Hines of Miami, Florida, used the Paycheck Protection Program to gain funds fraudulently. In total, Hines managed to finagle $3.9 million in loans which he used to buy a $318,000 Lamborghini.
The courts will sentence him in April after he pleaded guilty to one count of wire fraud back in February 2021. As part of the guilty plea, he admitted to collecting millions in PPP loans through fraudulent applications. Hines used a variety of companies to collect money using misleading statements about the companies payroll.
The guilty party applied for $13.5 million in loans from approximately six companies in Miami. According to The Washington Times, he claimed to have over 70 employees and $4 million in payroll.
Following the approval of his loans, Hines did not make any payroll payments. Instead, he used the money for personal expenses and a $318,000 Lamborghini. He also spent over $4,500 at Saks Fifth Avenue, $4,000 at the Fontainebleau Hotel, and $8,530 at a jewelry store. Hines was sentenced to six years in prison for his crimes.
The free Lamborghini Huracan, Ferrari 458, and a Bentley still cost him in the end
As noted, Hines spent about $318,000 out of $3.9 million on a 2020 Lamborghini Huracan. While this isn’t unusual at this point, a Lamborghini is a boring choice. According to the reports, Hines also helped others obtain fraudulent PPP loans. It isn’t clear if other Florida men were involved in the scheme or if everyone purchased a Lamborghini.
Similarly, a federal grand jury says Mustafa Qadiri also used the Paycheck Protection Program to go on a luxury car shopping spree. The New York Times says the government seized a red 2011 Ferrari 458 Italia registered to All American Capital Holdings. A black 2018 Lamborghini Aventador S, registered to the same company, was also seized.
Dupont Registry has a few 2011 Ferrari 458 Italia models for between $179,000 and $199,000. 2018 Lamborghini Aventador S models are for sale between $319,500 and $439,951. A black 2020 Bentley Continental GT shows a price of $250,000 to $324,000.
What happens to the seized cars?
If the government seizes an item, it might be available for sale on the U.S. Marshals Service Asset Forfeiture Program site. Currently, a few cars are available on the site through Rudy Smith Auctions. A 2019 Audi A6 is available through May 5, 2021.
A 2013 Infini JX35 and a 2011 Porsche Panamera are also available. The Panamera has 51,700 miles and is being sold “as is.” A 2010 Rolls Royce Ghost with 38,900 is available, with the rear exterior door handle missing. Although the process is not quick, there are many luxury vehicles available for sale during this process. One man’s trash is another man’s seized treasure or something like that.
This article was updated on 08/03/2022.