Texas Man Sentenced To 9 Years In Prison After Buying Lamborghini With $1.6 Million PPP Loan

Texas Man Who Bought Lamborghini With $1.6 Million PPP Loan Sentenced To 9 Years In Prison

A Texas man has been convicted to nine years in prison after police said he fraudulently attained $1.6 million in coronavirus relief loans and bought a Lamborghini and other things.

Lee Price III, 30, pleaded guilty in September to the charges of wire corruption and money laundering after doing fake Paycheck Protection Program loan applications, according to a press release from the  Justice Department.

According to reports, Price spent the money on some personal purchases like a Lamborghini Urus, 2020 Ford F-250 pick up, and Rolex watch. Authorities also say they have evidence of him spending thousands of dollars at nightclubs in Houston.

 

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According to the statements, he fabricated copies about the quantity of employees and payroll payments in each of the loan applications. He also applied for a loan in the name of a person who passed away before it was submitted.

PPP loans were a part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act, or CARES Act, that Congress approved in March 2020 after the COVID-19 pandemic hit everyone across the US.

“Mr. Price hopes that others will learn from his reckoning that there is no easy money,” Tom Berg, Price’s attorney, said. “He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.”