Instead of speeding up in a $ 200,000 Lamborghini Urus, a Texas man went to jail Tuesday for squandering some $ 1.6 million in government aid given to businesses at parties and sumptuous goods to mitigate the crisis unleashed by the pandemic. .
Lee Price III, 29, was charged with fraud after obtaining two government loans under the Paycheck Protection Program to pay employees he did not have, the Justice Department said in a statement.
Instead, he spent the funds on luxury goods like a sports car and a Rolex watch, as well as real estate, an F-350 truck, and thousands of dollars at Houston strip clubs, according to the statement.
Price was awarded two loans: Price Enterprises Holding received more than $ 900,000, while another was approved to 713 Construction. The firm’s employees did not receive the money, and “the person named CEO on the 713 Construction loan application died in April 2020, a month before the time the application was submitted,” authorities said.
In a highly similar case, last week a man in Florida was arrested for using money to alleviate those affected by the pandemic to buy a Lamborghini Huracán sports car for $ 318,000, among other luxuries.
David Hines, a 29-year-old Miami resident, raised $ 3.9 million from a federal fund designed to help small businesses pay wages and overcome the vicissitudes imposed by the coronavirus pandemic.
The United States Congress approved the loan program (PPP) in late March to help small and medium-sized businesses survive the coronavirus pandemic.