Houston Texas native Lee Price III, 30, has been sentenced Monday on wire fraud and money laundering charges after pleading guilty in September 2021.
Price submitted applications under the Paycheck Protection Program (PPP) loan to two different lenders on behalf of three other businesses (713 Construction LLC, Price Enterprises Holdings LLC, and Price Logistic Services LLC.), receiving approximately $1.6 Million in funds after applying for $2.6 million in loans from the Small Business Association’s Paycheck Protection Program.
After receiving the funds, Price spent the money immediately on a $233,000 Lamborghini Urus, $85,000 Ford F-350 truck,$14,000 Rolex watch, strip clubs, and to pay off a loan on a residential property.Â
While businesses were struggling to stay open due to the Covid19 pandemic, the Small Business Association’s Loan was established to help legitimate companies and employers through funding, but with stipulations.
A PPP Taskforce has been established to prosecute those who have taken advantage of the Payment Protection Program, and the list is pretty lengthy.
Who remembers the show Cops? “Bad boys, bad boys, whatcha gonna do, whatcha gonna do when we come for you?” The individuals who’ve abused the system will get caught. There is no way to receive millions from the government and expect to get away with it scot-free.
