A Texas man was sentenced to over nine year in prison on Monday for fraudulently obtaining COVID-19 relief funds that he used for the purchase of a Lamborghini and other expenses.
Lee Price III, 30, who pleaded guilty in September to wire fraud and money laundering charges, received $1.6 million in PPP loan funds by falsifying his applications, the Department of Justice said, citing court documents.
On the applications, Price used the name of a person who died before the documents were submitted, the court documents said.
In the paperwork, he also fudged payroll expenses and the number of employees he purportedly had at three seperate businesses, according to the court docs.
Price used some of the ill-gotten gains to buy a Lamborghini Urus, a Ford F-350 truck and a Rolex watch, the DOJ said.
The DOJ said authorities have recovered over $700,000 in the fraudulently obtained money.