Miami, Florida: A Florida man was arrested by the police for a number of charges after he reportedly used a part of his $4 million in PPP loans to buy a Lamborghini and a number of high-end luxury items.

29-year-old David Hines of Miami, Florida, was arrested and charged with multiple charges that include bank fraud, making false statements to a financial institution an engaging in transactions in unlawful proceeds.

According to an official criminal complaint filed against him, Hines applied for nearly $13.5 million in Paycheck Protection Program (PPP) loans for multiple companies.

It is said that fraudulent loan applications were also submitted for the payroll expenses of the companies that he owned.

Hines was approved for a total of $3.9 million in Paycheck Protection Program (PPP) loans.

According to prosecutors, Hines bought the Lamborghini within days after receiving the money from the banks.

The man did not use the funds for payroll, instead, he made multiple purchases at resorts and luxury retailers in Miami.

He also bought a Lamborghini and around $3.4 million USD.

Hines was held over the weekend at the Federal Detention Center.

He was granted a $100,000 bond.

His arraignment is currently scheduled for October 14, 2020.