Houston man sentenced to more than 9 years in prison for getting nearly $1.6 million in PPP loans.
He spent the cash on a Lamborghini, a Ford F-350 truck, a Rolex watch and at the strip clubs.
Did he make it rain with that cash too?
According to court documents, 30-year-old Lee Price III pleaded guilty in September to charges of wire fraud and money laundering, submitting fraudulent PPP loan applications to two different lenders on behalf of three businesses: 713 Construction LLC, Price Enterprises Holdings LLC, and Price Logistic Services LLC.
He was sentenced yesterday to 110 months in prison.
The DOJ in a released statement yesterday:
"Through these loan applications, Price sought over $2.6 million and actually obtained over $1.6 million in PPP loan funds. Price falsely represented the number of employees and payroll expenses in each of the PPP loan applications. To support the fraudulent PPP loan applications, Price also submitted fraudulent tax records and other materials. Illustratively, with respect to the 713 Construction LLC loan application, Price applied in the name of an individual who died shortly before the application was submitted. After he received the PPP loan funds, Price spent the money on, among other purchases, a Lamborghini Urus, a Ford F-350 truck, a Rolex watch, and to pay off a loan on a residential property. The Department of Justice, along with law enforcement partners, seized over $700,000 of the funds Price fraudulently obtained."
According to KPRC-TV, Price spent $233,000 on a Lamborghini Urus, $85,000 on a Ford F-350 pickup truck and a $14,000 on a Rolex along with thousands at strip clubs.