Instead of speeding up in a $ 200,000 Lamborghini Urus, a Texas man was driven slower to jail on Tuesday after U.S. officials arrested him for using $ 1.6 million in government aid for pandemic to make a spending spree.
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 report. communicated.
Instead, he spent the funds on lavish merchandise like a sports car and a Rolex watch, as well as real estate, an F-350 pickup truck, and thousands of dollars at Houston strip clubs. , according to the press release.
Price got two loans: Price Enterprises Holdings reportedly received over $ 900,000, while 713 Construction was approved for over $ 700,000, but none of the employees and “the person listed as CEO on 713 Construction’s loan application has died in April 2020, one month before the request was submitted, ”according to the complaint.
Congress approved the PPP program in late March to help small businesses survive the coronavirus pandemic, granting loans that could be canceled if used to pay salaries, rent and utilities.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)