A man from Texas called Lee Price III, 29, has been sent to jail after he was arrested for using $1.6 million in government pandemic aid to go on a spending spree in United States
The man was charged with fraud after he secured two government loans under the Paycheck Protection Program to pay employees he did not have.
A statement by the Justice Department said the man spent the funds on lavish goods like a sports car ($200,000 Lamborghini Urus) and a Rolex watch, as well as real estate, an F-350 pickup truck, and thousands of dollars at Houston strip clubs.
The loans were for the payment of his workers in the two companies but neither had employees and “the individual listed as CEO on the 713 Construction loan application died in April 2020, a month before the application was submitted,” according to the complaint.
US Congress had approved the PPP program in late March to help small businesses survive the coronavirus pandemic, granting loans that could be forgiven if they were used to pay wages, rent and utilities.
Price secured two loans: Price Enterprises Holdings allegedly received more than $900,000, while 713 Construction was approved for over $700,000.
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