Texas Man Scammed Government Out of Coronavirus Loans and Went on a Luxury Shopping Spree
We see the businesses struggling to survive right now and then you see someone trying to cheat the system for their own greed.
Over in Houston, Texas, 29-year-old Lee Price III thought he had a nice little scheme going. Sign up for Paycheck Protection Program loans that the government was using for businesses to help out during the coronavirus pandemic and pocket the cash. How much did he get? 1.6 MILLION DOLLARS!
He didn't get it all at once. He signed up two different fraudulent businesses. One was 713 Construction which got a $700,000 and another business he signed up got $900,000. So, what did he allegedly spend the money on? Oh you know, reasonable things.
A Lamborghini Uras, a Ford-350 pickup, real estate, a Rolex, among other luxury items. He allegedly also spent some time at some local Houston strip clubs throwing money around. This money is intended for businesses to use so that they can pay their employees during the pandemic.
U.S. Attorney Ryan K. Patrick is currently building a case against Mr. Price. So far, he has charges of making false statements to a financial institution, wire fraud, bank fraud, and engaging in unlawful monetary transactions.