A Texas man was sentenced to nine years in prison Monday after he fraudulently received $1.6 million in PPP loans.
During the pandemic, Lee Price III,30, applied for $2.6 million in Paycheck Protection Program loan applications and received $1.6 million.
In September of 2020, Price pleaded guilty to charges of wire fraud and money laundering.
According to the reports, he falsified information regarding the number employees and payroll expenses in each of the loan applications. He also applied for a loan in a deceased persons name.
Price allegedly used the money to purchase a Lamborghini Urus, a 2020 Ford F-250 pickup, a Rolex watch and real estate. It was said he also spent thousands of dollars at Houston night and strip clubs.
Authorities have recovered nearly $700,000 back from Price in the PPP loan money.