A Texas businessman spent federal relief funds designed to help small businesses weather the coronavirus pandemic on a Lamborghini and strip clubs, authorities said Tuesday.
Lee Price III, 29, of Houston, fraudulently obtained more than $1.6 million in Paycheck Protection Program loans, the Justice Department said. He is charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions.
DETROIT MAN FRAUDULENTLY APPLIED FOR PPP AID, USED IT TO BUY CADILLACS, DODGE CHARGER AND HUMMER: DOJ
Price received the money through two companies -- Price Enterprises Holdings and 713 Construction. Applications for both companies said each has numerous employees with significant payroll expenses, according to federal prosecutors.
Instead of using the funds as intended, Price allegedly used the money to fund a lavish lifestyle. He allegedly purchased a Lamborghini Urus, a Rolex watch and made real estate transactions.
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He spent thousands of dollars at Houston strip clubs and bought a 2020 Ford F-350 pickup truck, officials said. The protection program is part of the CARES Act, which provides financial assistance to Americans suffering economic harm due to the pandemic.