Man Sentenced To 9 Years In Prison After Fraudulently Using $1.6 Million In PPP Loans On Cars, Rolex

(Photo by Tasos Katopodis/Getty Images)

Jason Lee Contributor
Font Size:

A Texas man was sentenced to 9 years in prison for fraudulently using $1.6 Million Payment Protection Progam (PPP) loans, the Justice Department announced Tuesday.

Thirty-year-old Lee Price III of Houston pleaded guilty in September to fraudulently acquiring more than $1.6 million from the U.S. government’s COVID-19 relief aid, the Department of Justice (DOJ) stated. Price purchased, among other things, a Lamborghini and Rolex watch with the money, and visited a strip club, as well, according to the DOJ.

After attempting to obtain more than $2.6 million with fraudulent loan applications, Price managed to collect more than $1.6 million by submitting false applications about the number of employees and payroll expenses for three different businesses, the DOJ said.

According to a criminal complaint, Price claimed in one application that he had 50 employees and an average monthly payroll of $375,000 for a small business named Price Enterprise, which does not exist. (RELATED: Man Sentenced After Buying Lamborghini With Fraudulently Obtained COVID-19 Relief Checks)

Price used the $1.6 million to purchase a Lamborghini Urus, a Ford F-350 and a Rolex watch, and also used the loans on a strip club, a liquor store, night clubs and to pay off a loan on a residential property, the DOJ stated.

Price was previously convicted for forgery in 2010 and robbery in 2011, CBS News reported. He is also part of an active criminal case in Texas after allegedly tampering with a government record, according to the outlet.