US Department Of Justice: Florida Man Sentenced For $1.3 Million Securities Fraud Scheme Date
14/05/2021
A Florida man was sentenced today to more than four years in prison for operating an investment scheme in which he used investor funds to repay other investors and misappropriated funds for himself.
David C. Coggins, 42, of Miami, pleaded guilty to one count of securities fraud on March 2, 2021. According to court documents, Coggins solicited investors to his investment fund between 2015 and 2020 by touting the fund’s successful performance and total assets under management. Over time, the fund lost money and Coggins used money from new investors to pay other investors. Coggins also misappropriated funds for his personal purposes. To conceal the fund’s actual losses and persuade investors to part with their money, Coggins fabricated reports purportedly showing the fund’s successful performance and created a fraudulent independent auditor’s report. By the end of 20
A Florida man was sentenced today to more than six years in prison for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini luxury car for himself.
David T. Hines, of Miami, pleaded guilty to one count of wire fraud on Feb. 10. According to court documents, Hines submitted multiple PPP applications to a PPP-participating lender, claiming to have had dozens of employees and millions of dollars in monthly payroll. In addition to submitting false and fraudulent IRS forms to support the applications, Hines also assisted other individuals in obtaining fraudulent PPP loans. As part of the sentence, the court ordered Hines to forfeit the $3.4 million in fraudulent loan proceeds that law enforcement seized and the 2020 Lamborghini Huracan that Hines purchased for approximately $318,000.
Florida man pleads guilty to using COVID loan to buy a Lamborghini
Santos Chaparro/ASSOCIATED PRESS
Wooden gavel and stand (ca. 1920s) used by the Associated Press Board of Directors at their meetings throughout the 20th century. (AP Photo/Corporate Archives/Santos Chaparro)
By: WTXL Staff
and last updated 2021-02-12 16:09:25-05
The Department of Justice announced Wednesday that a Florida man has pleaded guilty to fraudulently obtaining nearly $4 million in PPP loans and using it to buy himself a $318,000 Lamborghini sports car.
Authorities seized the Lamborghini and $3.4 million from the bank accounts of 29-year-old David T. Hines of Miami at the time of his arrest.
Florida man pleads guilty to using COVID loan for Lamborghini
Photo: MGN Online
Posted at 8:00 PM, Feb 10, 2021
and last updated 2021-02-12 13:09:13-05
(WTXL) â The Department of Justice announced Wednesday that a Florida man has pleaded guilty to fraudulently obtaining nearly $4 million in PPP loans and using it to buy himself a $318,000 Lamborghini sports car.
Authorities seized the Lamborghini and $3.4 million from the bank accounts of 29-year-old David T. Hines of Miami at the time of his arrest.
Hines pleaded guilty on Wednesday to one count of wire fraud and is scheduled to be sentenced on April 14.
As part of his guilty plea, Hines admitted that he fraudulently sought millions of dollars in PPP loans through applications to an insured financial institution on behalf of different companies. Hines caused to be submitted fraudulent loan applications that made numerous false and misleading statements about the companiesâ respective payroll expenses.