A Houston “entrepreneur” and aspiring criminal will face a number of felony charges after he allegedly used PPP loans to buy a Lamborgini and several lap dances at a low-rent strip club.
Lee Price III, 29, was taken into federal custody Tuesday and appeared before a judge, accused of fraudulently obtaining $1.6 million dollars in Paycheck Protection Program loans, also known as PPP.
But instead of using the relief money intended to help small businesses struggling with the COVID-19 pandemic, court documents say Price bought a Rolex watch, a 2020 Ford F-350 pickup truck, spent thousands of dollars at strip clubs and night clubs in Houston and also purchased loan money on a Lamborghini.
Court documents also say Price has a lengthy criminal history including felony convictions for forgery in 2010 and for robbery in 2011.
Price is also currently charged with tampering with a government record.
He will now face additional charges including making false statements to a financial institution, wire fraud, bank fraud, and engaging in unlawful monetary transactions.
Documents show two of Price’s fraudulent applications received funding. The loan applications allegedly claimed that both businesses had a number of employees and significant payroll expenses — both of which investigators say is not true.
Meanwhile, have of American taxpayers are facing eviction notices and have yet to receive their FIRST round of stimulus checks. Bravo, Federal government!
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