Hines\u0027s arrest is the latest case of alleged fraud to best the program, with business owners inflating employee numbers and claiming higher operating costs
Now, federal prosecutors say that Hines illegally used hundreds of thousands of dollars in PPP loans meant for his moving companies to buy the car as well as a host of personal expenses, including shopping sprees and high-end hotel stays, instead of covering his companies’ payroll. The Justice Department announced Monday that he was arrested and charged with making false statements to a lending institution, bank fraud, and engaging in transactions in unlawful proceeds, officials said.
An analysis from The Washington Post also found that data from the Small Business Administration recorded that far more American workers were “retained” thanks to the loans allocated to the businesses than there were actual employees, calling into question the Trump administration’s claim that PPP loans helped support 51 million jobs.Article content continued
Hines claimed to own and operate a handful of moving companies, but Masmela said that authorities “found no record of any operating websites” for those businesses. Hines also falsely claimed he had 70 employees, prosecutors said.“A review of Hines Companies Accounts from January through April of 2020 shows monthly inflows averaging around $200,000 – far less than the millions of dollars in payroll that Hines sought in the PPP application,” Masmela said.
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