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A man spent 700,000 dollars given for covid relief to buy a Lamborghini and a Rolex

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.

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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. 

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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. 

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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. 

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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. 

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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.

                                                

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