A Texas man who used coronavirus relief funds to feel less bored during the lockdown is serving a nine-year prison sentence after pleading guilty to wire fraud and money laundering. Lee Price III has funded more than $1.6 million in low-interest relief loans, Related press reported, that he spent to pay off a mortgage and buy a few cars: $85,000 Ford F-350 and and Lamborghini Urus.
Follow Houston Chronicle, Price’s plan involves making a little under $first million through each of his two properties (Price Enterprise Holdings and 713 Construction), both of which are claimed by Price to have large payrolls that need to be covered using emergency funds from the Paycheck Protection Program (PPP). While these are ostensibly loans, they are structured to be forgiven if the funds are distributed within 10 calendar days and the borrower has applied for forgiveness within 10 months of receiving the loan. . Provided those criteria are met, this is essentially free money to cover the paycheck. However, Price’s employees do not exist.
You would be forgiven for thinking you’ve heard this story before. Coronavirus really seems to bring Lamborghini fan. ONE California man charged about adding one to his garage (along with a Ferrari and Bentley) and pleaded not guilty earlier this year to allegations that he defrauded more than $5 million from PPP. Last year, a Florida man’s plan to cheat the same program was undone by a crash that happened in the blue. Lamborghini Huracán Evo he bought with the proceeds.