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Man jailed for Covid money spent on Lamborghini & strippers

  • December 01, 2021

Lee Price III was sentenced to 110 months in prison on Monday after pleading guilty to wire fraud and money laundering.

READ MORE: 50 UK aristocrats, some owning castles, applied for taxpayer-funded scheme aimed at saving businesses amid lockdown – media

According to prosecutors, starting from May 2020, Price had been using fake companies to apply for low-interest loans under the federal Paycheck Protection Program (PPP). The money was meant to help small businesses struggling during the pandemic.  

In an application submitted to a bank in Boston, Price claimed he owned a company called Price Enterprises with 50 employees and an average monthly payroll of $375,000. In an application to a California lender, he listed a dead man as the chief executive of a different company.

Price used the funds to buy a $233,000 Lamborghini Urus SUV, a $85,000 Ford F-350 pickup truck, and a $14,000 Rolex watch. He blew around $2,000 at a strip club, and spent large sums at liquor stores and nightclubs. The money also was used to pay off a loan on a residential property.

Police recovered around $700,000 of the funds Price received through PPP.

“Mr. Price hopes that others will learn from his reckoning that there is no easy money,” Price’s lawyer, Tom Berg, said in a statement to the media. “He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.”

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