Texas Man Who Got $1.6M in PPP Loans Sentenced to 9 Years – NBC 5 Dallas-Fort Worth
A Texas man who fraudulently received $ 1.6 million in coronavirus aid loans and then spent part of it on a Lamborghini was sentenced to more than nine years in prison on Monday, federal prosecutors said.
The man, Lee Price III, 30, has been sentenced to 110 months in prison for wire transfer fraud and money laundering, the Justice Department said. He pleaded guilty in September.
Houston-based Price received $ 1.6 million in loans from the paycheck protection program passed by Congress in March 2020 to help businesses affected by the COVID-19 pandemic.
The alleged companies had no records of employees or payrolls, and Price spent some of the money on a Lamborghini Urus, Ford F-350, and Rolex watch, according to court documents.
Read the full story here on NBCNews.com.
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Texas Man Who Got $1.6M in PPP Loans, Bought Lamborghini Sentenced to 9 Years