While some businesses are struggling to make ends meet during this pandemic, the government put PPP loans in place to help those stay afloat and pay their employees. But, this man in Houston just abused the system.
Lee Price III, 29, spent $1.6 million in COVID relief fund money after submitting a fraudulent application to obtain the Paycheck Protection Loan. He spent that money on luxury items like a Lamborghini, a Rolex, and a F250. He even blew thousands in the stripe club and several other Houston spots.
Price III was arrested and charged with making false statements to a financial institution, wire fraud, bank fraud, and engaging in unlawful monetary transactions.
If convicted, he could face up to 30 years in federal prison and $1 million fine on the bank fraud charge. Also, 10 years in federal prison and a $250,000 fine for the unlawful transactions charge.