A man from Houston thought that the money intended by the American state for the relief of those who have suffered its consequences coronavirus it would be a good stock to live the big life. And he did it for a while after “eating” $ 1.6 million in funds for the treatment of COVID and burst into a lamborgini, expensive watches and strippers, he was sentenced to nine years in prison on Monday.
Lee Price III, 30, had spent money from the relief fund on luxury items such as a Lamborghini, a Ford F-350 truck, a Rolex watch, and even a strip club.
Price had pleaded guilty to charges against scam through remittance and money laundering in September, after applying for loans under the Payment Protection Program (PPP).
Since then, federal authorities have confiscated $ 700,000 worth of money and expensive goods.
How did the man manage the fraud?
“The defendant hopes that others will learn from his calculation that there is no easy money,” Tom Berg’s lawyer told the Washington Post in an email. “He has the rest of his 110-month sentence to think, repent and rebuild his lost life.”
But how did he manage the combina? He had applied to two different lenders with 713 Construction LLC, Price Enterprises Holdings LLC and Price Logistic Services LLC. In the application, he had falsely claimed the number of employees he worked for his company in addition to payroll taxes. Price had also asked for $ 2.6 million for the loan application before receiving $ 1.6 million.
The CEOs of one of the companies, whose name Price had used in the project, died a month before the application was submitted.
Using the funds, Price bought a $ 233,000 Lamborghini Urus, a $ 85,000 Ford F-350, and a $ 14,000 Rolex. He had also spent thousands of dollars on nightclubs and strip clubs.