A man spend money given to him for covid relief in luxury items; he was sentenced to 9 years in jail on charges of fraud.
When it comes to using money not hard-worked in unnecessary luxuries, there’s no one better than Lee Price III, a Houston man who spent more than 700 thousand dollars given as covid relief funds to buy cars and expensive watches. For this, he was sentenced to 9 years in jail.
Price, 30, was sentenced on charges of wire fraud and money laundering for submitting fake Paycheck Protection Program (PPP) loan applications on two occasions.
According to the Justice Department, Price intended to get more than 2.6 million dollars, but he only got 1.6 million from PPP loan funds.
The first loan was for $752,452 and he applied on behalf of an Ohio resident who died before the date the application was submitted, according to court documents.
Price claimed to own a construction company with 30 employees and an average monthly payroll of $300,981. But there were no employees.
Eighteen days after he received the money, Price bought a 2020 Ford F-350 valued at $85,000.
On the second loan application, he requested $937,500 for a second company with 50 employees and a monthly payroll of $375,000, but again, it was nonexistent.
To support the loans, Price submitted fake tax records and a fake driver’s license, court documents showed.
This time he waited three days after receiving the money to buy a used Rolex valued at $14,343 and the following day a $233,337 Lamborghini Urus was bought, according to court documents.
He declared himself guilty and apart from spending 9 years in jail for fraud, all the goods he bought with money must be returned.
According to CNN, Federal investigators have identified more than half a billion dollars in fraud and charged 474 people with crimes related to theft of money from US Covid relief programs, the Justice Department announced in March.