Texas Man Sentenced To 9 Years In Prison After Buying Lamborghini $1.6 Million
Texas man, who bought Lamborghini on a $1.6 million PPP loan, sentenced to 9 years in prison.
A Texas man has been sentenced to nine years in prison after police say he fraudulently obtained $1.6 million in coronavirus credit, bought a Lamborghini and other items.
Lee Price III, 30, pleaded guilty to bribery and money laundering after submitting bogus loan applications for the Paycheck Protection Program, according to a Justice Department press release in September.
Price reportedly spent the money on some personal purchases, such as a Lamborghini Urus, a 2020 Ford F-250 pickup truck, and a Rolex watch. Authorities also say they have proof that he spends thousands of dollars on nightclubs in Houston.
Reportedly, he made copies of the number of employees and salary payments in each of the loan applications. He also applied for a loan on behalf of a deceased person before submitting it.
PPP loans were part of the $2,000 billion Coronavirus Aid, Relief and Economic Security Act, or CARES Act, passed by Congress in March 2020 after the COVID-19 pandemic hit everyone in the United States.