A man in Florida who received nearly $4 million in federal loans intended to help struggling businesses — and spent the money on a new Lamborghini Huracán sports car and other fraudulent purchases — was arrested and charged with three felonies, officials said on Monday. David T. Hines, 29, of Miami, was charged with bank fraud, making a false statement to a lending institution and engaging in transactions in unlawful proceeds, according to prosecutors in the U.S. District Court for the Southern District of Florida. If convicted on all charges, he could face up to 70 years in prison, an official in the prosecutor’s office said. In April, Mr. Hines joined scores of other business owners who are seeking financial help from the federal Paycheck Protection Program, a loan program created to help businesses keep their employees during the coronavirus pandemic.

Source: New York Times July 28, 2020 01:41 UTC