If you have been reading the website for a while, you would have come across a story we shared in August last year about a 30-year-old Texas man who abused Coronavirus relief funds and bought himself a Lamborghini Urus as well as a Rolex.
Fast forward to today and the man has been caught submitting fraudulent Paycheck Protection Program (PPP) loan applications with false information.
Lee Price III initially sought $2.6 million in federal COVID relief funds by misrepresenting the number of employees and payroll expenses on behalf of three entities. He only received $1.6 million. However, his scheme went deeper than just fraudulent applications, going as far as to use a dead man’s name on one.
He will now spend the next 110 months in prison. Federal law enforcement officials seized over $700,000 that Price had fraudulently obtained.
He is certainly not the first person who has abused COVID relief funds and will sadly not be the last.