Man Who Used $1.5M in PPP Loans on a Rolex, and Cars Gets 9 Years in Prison

According to reports, a 30-year-old man who fraudulently acquired PPP loans and then used those funds on luxury goods and cars was sentenced to 9 years and 2 months in prison.

Lee Price III pleaded guilty to charges of wire fraud and money laundering back in September. Through the loan program, Price was able to acuqire $1.6 million. He did so by “misrepresenting the number of employees and the payroll expenses for three different businesses. On one of the applications, according to the criminal complaint, Price said that one of the small businesses, Price Enterprises, had 50 employees and an average monthly payroll of $375,000. Authorities said the business has no employees and no payroll, and that there is no indication the entity has ever hired anyone.”

Per CBS News:

Once he received the funds, authorities said, he used the money to purchase a Lamborghini Urus, a Ford F-350 and a Rolex watch. He also spent $2,000 at a strip club, more than $700 at a liquor store, more than $2,500 at night clubs, and used part of the funds to pay off a loan on a residential property. The Justice Department said it was able to retrieve over $700,000 of the funds he had fraudulently claimed.

Source: cbsnews.com

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