Man Gets 9 Years Prison For Using $1.6m Covid-19 Govt. Loan Meant To Pay His Staff To Buy Lamborghini, Other Luxuries

Texan man used $1.6M Covid-19 loan meant to pay his staff to buy Lamborghini, F-350, other luxuries, gets 9 years prison.

The US government loan was meant to help keep company’s employees during the coronavirus pandemic.

Instead, Price spent the loan money on a Rolex, a 2020 Ford F-350 pickup truck and Lamborghini Urus superSUV.

A Texan man, Lee Price III, has been sentenced to more than nine years in prison for spending $1.6 million COVID-19 government loan on luxury vehicles and other expenditures.

The 30 year old was sentenced on Monday to 110 months (or about 9 years 2 months) in prison after pleading guilty in September to wire fraud and money laundering.

Price’s lawyer Tom Berg, in an email to news outlets, said :

“Mr. Price hopes that others will learn from his reckoning that there is no easy money,”

“He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.”

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Prosecutors had at last year accused Price of fraudulently using more than $1.6 million in funding from the Paycheck Protection Program, which gave low-interest loans to small businesses struggling during the pandemic.

The US government loan was meant to help keep his company’s employees during the coronavirus pandemic. Instead, Price spent the loan money on a Rolex, a $85,000 2020 Ford F-350 pickup truck and Lamborghini Urus superSUV.

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