(CNN) A man in Miami, Florida, has been charged with bank fraud for allegedly lying on PPP loan applications and spending the money on luxury items such as a Lamborghini Huracán EVO, federal authorities say. Funds from the $521 billion Paycheck Protection Program are destined for small businesses so that they're able to keep workers on payroll throughout the coronavirus pandemic. David Tyler Hines, 29, not only filed fraudulent PPP applications, but also spent the money on a $318,497.53 Lamborghini Huracán EVO and other "luxury and personal items," including nearly $5,000 at Saks Fifth Ave, more than $11,000 at two Miami-area hotels and a $8,530 purchase at Graff Diamonds, investigators say. Hines purchased a 2020 Lamborghini Huracán sports car for more than $318,000.00"There does not appear to be any business purpose for most, if not all, of these expenses," the criminal complaint reads. CNN obtained a photo of a blue Lamborghini through a law enforcement source, which they say is the one Hines' purchased.

Source: CNN July 28, 2020 20:37 UTC