Houston Man Spent $1.6M in PPP Loans on Lambo, Rolex, and Strip Clubs – Gets Nine Years in Prison
According to reports, a Houston man has been sentenced to nine years in prison after pleading guilty to wire fraud and money laundering. The 30-year-old obtained over $1.6 million in PPP loans, which he spent some of on expensive vehicles and nights-out at strip clubs.
Lee Price III will reportedly be spending nine years and two months in prison for his fraudulent activity regarding Paycheck Protection Program (PPP) loans. Price sent out loan applications to two separate lenders and ended up with just over $1.6 million.
The Houston man reportedly used the money to purchase a Lamborghini Urus, a Ford F-350, and a Rolex all while dropping additional cash at strip clubs and night clubs.
Price reportedly made up fake payroll expenses for multiple businesses, with one being named 'Price Enterprises', where he claimed he had a multitude of employees. Those employees nor their salaries existed, per the report.
See the full report from FOX 26 Houston below.
More details from @Complex here.
Social media had a variety of reactions to the story which you can check out below.
Lee Price III certainly had himself a time while the extra cash was flowing. Hopefully all of that ballin' out was worth spending nearly a decade in prison.