A Texas man identified as Lee Price III, has been charged with fraud after splashing government’s COVID-19 loan on strippers and buying Lamborghini Urus which was supposed to be a fast ride but turns out to be a slow ride to prison for him.
The 29-year-old man received more than $1.6 million in two separate loans under the federal Paycheck Protection Program to pay the employees he never had using the names of two companies: Price Enterprises Holdings and 713 Construction.
Also “the individual listed as CEO on the 713 Construction loan application died in April 2020, a month before the application was submitted,” according to the complaint.
Prosecutors in Houston said Mr Price got the money after he submitted five applications between May and June to different banks with fraudulent information.
In response to one of his requests, Mr Price received $937,500 on June 26 and bought a $14,000 Rolex watch that same day according to the complaint. The next day, it said, he bought a 2019 Lamborghini Urus, for $233,337.60.
And over the next three days, he spent more than $700 at a liquor store, around $2,000 at a strip club and more than $2,500 at two Houston nightclubs, according to the complaint.
In response to another application, Mr Price received $752,452 which went toward the purchase of a 2020 Ford F-350 pickup truck and the lease for a luxury apartment in midtown Houston.
Mr Price was arrested and charged with wire fraud, bank fraud, making false statements to financial institutions and engaging in prohibited monetary transactions.