7 Men Arrested For Using Covid Relief Loans To Buy A Porsche And Lamborghini

Sports Cars / Comments

The cars - a Lamborghini, and a Porsche - have been seized by federal prosecutors.

Six men in Texas and one in Illinois have been charged by federal prosecutors in the US for allegedly engaging in a scheme to abuse the government's Paycheck Protection Program and use at least some of the funds to buy high-priced sports cars, Houston's KPRC reports.

The Paycheck Protection Program, or "PPP", was set up by the US government in response to the Covid pandemic and its chilling effects on the US economy, one of many initiatives that sought to make Americans' lives easier. The program issues forgivable loans to businesses in need in the hopes that they will use the funds to keep employees on the payroll and stay afloat in the face of numerous statewide shelter-in-place orders.

Porsche
Porsche
Porsche

Altogether, the seven men filed as many as 80 fraudulent PPP loan applications and made off with $16 million, using some of the funds to buy a Lamborghini and a Porsche - cars that have since been seized by federal prosecutors. The report doesn't say which models were purchased with the funds, but $16 million gets you a heck of a lot of Porsche 911s.

The investigation into the men's alleged conduct is ongoing, and there's a lot to unravel. KPRC reports that those implicated are accused of falsifying the number of employees at their businesses and their monthly payroll expenses, issuing phony paychecks that were then cashed at one of the defendant's businesses.

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It seems likely that the men's frivolous, conspicuous car purchases made them all that much easier to catch; it's not too often that folks with struggling businesses go out and buy brand new Lamborghinis. All seven men have been charged with wire fraud and conspiracy to commit wire fraud, while one of them has also been hit with three counts of money laundering.

It just goes to show: you can lust after that shiny new Lamborghini Aventador all you want, but if you have to lie and cheat to get it, you're better off admiring it from a distance.

2019 Lamborghini Aventador SVJ Front Angle View Lamborghini
2019 Lamborghini Aventador SVJ Rear Angle View Lamborghini
2019 Lamborghini Aventador SVJ Rear View Lamborghini
Source Credits: KPRC

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