COVID-19 RELIEF FRAUD ALERT! Florida Man Busted In $3.9M Scam


COVID-19 RELIEF FRAUD ALERT! Florida Man Busted For Buying Sports Cars And Wining And Dining Whores With PPP Bailout Money

Covid-19 Relief Fraud

MFI-Miami has issued it’s first COVID-19 Relief Fraud Alert and this one is big! The federal government has indicted Relocation company owner David T. Hines. Prosecutors allege Hines lied to Bank of America in an attempt to pocket $13.5 million in PPP bailout loans. Bank of America approved three of the applications for $3.9 million. The bank began sending the funds to Hines on May 11th.

Hines’ four South Florida moving businesses applied for seven SBA loans totaling $13.5 million through the BofA. Hines claimed the money was to cover the costs of at least 70 employees with a monthly payroll of $4 million. However, the bank approved three of his applications, totaling $3,984,557.

The reality was that Hines’ companies showed monthly revenue and expenses averaging about $200,000. This is far less than the millions of dollars in payroll that Hines sought in the PPP applications.

Read More At MFI-Miami

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