A Texas man is accused of taking advantage of COVID-19 relief funds, authorities say he turned around and spent the money on cars, strippers, real estate end luxury goods.
Lee Price III was arrested and charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions, according to a release from the U.S. Attorney’s Office.
The 29-year old is accused of being involved in a scheme to submit fraudulent Paycheck Protection Program (PPP) loan applications to federally insured banks and other lenders.
Officials say Price spent $1.6 million dollars of relief funds on lavish purchases, including a Lamborghini Urus, a Rolex watch, a 2020 Ford F-350 pickup truck, a real estate transaction. He also allegedly spent thousands at strip clubs and other Houston night clubs.
If convicted, Price could face a maximum penalty of up to 30 years in federal prison, a $1 million fine as well as a $250,000 fine for the unlawful transactions charge.