Lee Price III borrowed large sums from the US government, saying his business needed funding. He then used the money for his personal use and used it for luxury items, including the purchase of a Lamborghini.
The 30-year-old received the loan from the Pay Check Protection Program (PPP) passed by Congress last year with the aim of supporting people and businesses affected by the corona virus epidemic. The project was completed on May 31, 2021. He also submitted various PPP applications to various banks for acquisition of funds.
Many denied him a loan, but some accepted his request. He says in an application that he owns a company called Price Enterprises that has more than 50 employees. He also claims that his average monthly salary is $ 375,000.
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But his cunning to lead a luxurious life was short-lived. Price’s fraud was caught during an investigation and he was sentenced by the Department of Justice to 110 months in prison for money laundering.
He was arrested after receiving $ 9,37,500 in cash. According to court documents, he used the money to buy a Rolex watch, a Lamborghini Urus and a Ford F350.
Authorities have now repaid more than $ 700,000 of the total loan amount that Price has taken out. Interestingly, more than 120 people like Price have committed such fraudulent offenses since the inception of the Pay Check Protection Program. A man from Texas has been accused of embezzling $ 17 million in relief loans to buy eight homes and several cars.
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