By Team

MIAMI (CBSMiami/AP) – A Miami man who fraudulently received $3.9 million in federal coronavirus relief loans, pleaded guilty on Wednesday, to using some of that money to buy a Lamborghini Huracan.

David Hines pleaded guilty to federal charges including bank fraud. The hearing was held by videoconference because of COVID-19 restrictions.

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Hines acknowledged receiving $3.9 million in federal government loans on behalf of different companies he managed, fraudulently claiming they’d be used to pay employees impacted by the pandemic. Instead, authorities say, he used the proceeds to buy a $318,000 Lamborghini and run up bills at a jewelry store and a luxury Miami Beach hotel.

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Sentencing is set for April.

The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the pandemic. It’s part of the Coronavirus Aid, Relief, and Economic Security Act, which became federal law in March.

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