Texas Man Who Got $ 1.6 Million In PPP Loans Bought Lamborghini Sentenced To 9 Years
A Texas man who fraudulently obtained $ 1.6 million in coronavirus relief loans and then spent some of it on a Lamborghini was sentenced to more than nine years in prison on Monday, federal prosecutors said.
The man, Lee Price III, 30, was sentenced to 110 months for wire fraud and money laundering, the Justice Department said. He pleaded guilty in September.
Price, of Houston, received $ 1.6 million in loans from the Paycheck Protection Program, which Congress passed in March 2020 to help businesses affected by the Covid-19 pandemic.
The alleged companies had no record of employees or payroll, and Price spent some of the money on a Lamborghini Urus, Ford F-350 and Rolex watch, according to court documents.
Authorities said more than $ 700,000 had been recovered.
Price’s attorney, Tom Berg, said Monday night that Price had pleaded guilty without conditions.
“Mr. Price hopes others will learn from his estimate that there is no easy money,” Berg said in an email. “He has the remainder of the 110 month sentence to reflect, repent and rebuild his badly spent life.”
The paycheck protection program was part of the more than $ 2 trillion CARES law, which was passed to help workers and businesses devastated by the pandemic.
At least 120 people have been charged with program-related fraud, the Justice Department said in March.