A Florida man is in the news after the feds say he fraudulently obtained $3.9 million in PPP loans and used some of it to buy a Lamborghini. One organization thinks the government had it coming.
"The government was so insistent on sending the money out quickly that they did very little oversight," David Williams of Taxpayers Protection Alliance says of the federal Paycheck Protection Program (PPP). "This is what happens when you don't do oversight."
Williams doesn't think this will be the last the public hears of people being accused of fraud dealing with coronavirus-relief efforts.
"It's not going to be just Florida, it's going to be across the country," he continues. "The biggest problem is that the money that's being wasted on Lamborghinis and people who don't need it? That means that money is not going to small businesses that do need it – and these are small businesses that may not come back after the pandemic."
The Florida man, identified as 29-year-old David Hines of Miami, used a portion of the PPP funds to purchase a 2020 Lamborghini Huracan for approximately $318,000. The Justice Department says he also made purchases at luxury retailers and resorts in Miami Beach.
Hines is charged with one count of bank fraud, one count of making false statements to a financial institution, and one count of engaging in transactions in unlawful proceeds. News of the charges comes as members of the House and Senate discuss another round of coronavirus-relief measures.