Texas: Man uses COVID-19 relief funds to buy Lamborghini, Rolex; imprisoned for 9 years
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Lee Price III had acquired $1.6 million by submitting fake Paycheck Protection Program (PPP) loan applications
A man in Texas has been imprisoned for nine years for using his coronavirus relief funds for purchasing a Lamborghini car and a Rolex watch.
According to the US Justice Department, Lee Price III had acquired $1.6 million by submitting fake Paycheck Protection Program (PPP) loan applications.
The 30-year-old laundered money and committed wire fraud by opening three shell companies as a front to hide his illegal activities.
The Department of Justice said Price had submitted a fake driver's license and tax records to substantiate his loan requests.
His attorney Tom Berg said, "Mr. Price recognises that the stiff sentence imposed today by Judge Gilmore was triggered both by his fraudulent conduct in this PPP loan case and by the rather ragged criminal history he brought to the table."
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"The Court found that he did fully accept responsibility by unconditionally pleading guilty to the indictment," he added.
The relief programmes for COVID-19 were started to provide financial aids to the victims suffering from the novel virus. They ended on May 31, 2021.
While 474 people have been charged with crimes related to these programmes, the government has suffered a setback of over half a billion dollars in fraud.
(With inputs from agencies)