Instead of speeding up in a $ 200,000 Lamborghini Urus, a Texas man was slower to jail on Tuesday after US authorities arrested him for using $ 1.6 million in pandemic government aid to go on a 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 statement.
Instead, he spent the funds on luxury goods like a sports car and a Rolex watch, as well as real estate, an F-350 truck, and thousands of dollars at Houston strip clubs, according to the statement.
Price secured two loans: Price Enterprises Holdings allegedly received more than $ 900,000, while 713 Construction was approved for more than $ 700,000, but none of the employees and "the person named as CEO in the 713 Construction loan application died in April 2020, a month before the request was submitted, "according to the complaint.
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