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Houston man sentenced to more than 9 years in prison for getting nearly $1.6M in PPP loans and spending it on Lamborghini, strip clubs


HOUSTON – The Houston man accused of going on a buying spree after receiving more than $1.6 million from the Small Business Association’s Paycheck Protection Program has been sentenced to 110 months in prison, the U.S. Justice Department introduced Monday.

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According to court docket paperwork, 30-year-old Lee Price III pleaded responsible in September to expenses of wire fraud and cash laundering, submitting fraudulent PPP mortgage purposes to two completely different lenders on behalf of three companies: 713 Construction LLC, Price Enterprises Holdings LLC, and Price Logistic Services LLC.

Through these mortgage purposes, Price sought over $2.6 million and truly obtained over $1.6 million in PPP mortgage funds. Court paperwork mentioned Price falsely reported the variety of staff and payroll bills in every of the PPP mortgage purposes.

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According to the official legal grievance in opposition to Price, he began spending that PPP cash nearly instantly on extremely lavish gadgets, together with a $233,000 Lamborghini Urus, an $85,000 Ford F-350 pickup truck and a $14,000 Rolex.

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Prosecutors say he additionally spent hundreds of {dollars} at Houston nightclubs and strip clubs, and more than $100,000 to lease workplace area in Memorial City.

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The Department of Justice, together with legislation enforcement companions, seized over $700,000 of the funds Price fraudulently obtained, court docket paperwork mentioned.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the sources of the Department of Justice in partnership with companies throughout the federal government to improve efforts to fight and stop pandemic-related fraud.

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Copyright 2021 by KPRC Click2Houston – All rights reserved.


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