Authorities impounded Hines' Lamborghini at the time of his arrest, as well as $3.4 million from his bank account.
According to a statement by the US Department of Justice, the PPP allows small businesses and other organisations to receive loans for payroll costs, interest on mortgages, rent and utilities.
Of the money he received, some was spent on dating websites, luxury jewelry, clothing and Miami beach resorts, prosecutors said, adding that within days of receiving the funds, more than $318,000 went to purchase a 2020 Lamborghini sports vehicle that he jointly registered in his name and that of his company.
Hine's claims were approved and was funded around $3.9 million in loans by the financial institution, said the complaint.
Hines allegedly sought roughly $13.5 million in PPP loans, writing fraudulent loan applications on behalf of several companies.
It's alleged that within days of receiving the loans, the man purchased a 2020 Lamborghini Huracan sports vehicle for approximately $318,000, which he registered for jointly with his name and the name of one of his companies.
Congress in March passed the Coronavirus Aid, Relief, and Economic Security Act to help Americans and businesses remain afloat amid the economic fallout sparked by the global health pandemic. Hines also spent a part of the money on jewelry, clothes, on stays at Miami Beach resorts and on dating websites, the Herald said. The program provided forgivable loans to companies that met certain conditions.
The PPP loan is created to protect employees and cover other legitimate costs like rent during the coronavirus pandemic.
Hines' attorney, Chad Piotrowski, strongly denied the charges and told Fox News that Hines is a legitimate business owner who "suffered financially during the pandemic".
None of the allegations have been tested in court.
This case was investigated by the FDIC-OIG, USPIS, IRS-CI, the SBA-OIG, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection-OIG.
The year 2020 marks the 150th anniversary of the Department of Justice.