Posted on 08/05/2020 12:00:32 PM PDT by RandFan
A Texas entrepreneur has been accused of misusing $1.6 million from the $660 billion Paycheck Protection Program (PPP).
Lee Price III, a 29-year-old from Houston, spent the money on luxury items, such as real estate, a Lamborghini sports car, a Rolex watch and strip clubs, according to the Department of Justice (DOJ).
Price is facing charges of making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions.
He allegedly applied to the PPP for two businesses that he claimed had several employees, receiving $900,000 and $700,000 in stimulus funding. Prosecutors found that Price lied about the payroll expenses of both companies, one of which was under the name of somebody who died in April.
The PPP program was created by Congress in the $2.2 trillion CARES Act and provides forgivable loans to businesses who use the money to continue paying workers during the coronavirus pandemic.
Last week the DOJ announced it arrested a man in Florida on similar charges.
David Hines, 29, of Miami, is accused of fraudulently obtaining $4 million in PPP funding and using some of it to buy a Lamborghini.
As lawmakers negotiate the next round of stimulus spending — which will likely include a replenishment of the PPP program — some lawmakers have called for safeguards to prevent fraud in larger loans while also disbursing the funds quickly.
Sucks to be Lee Price III.
30 years he’s facing.
He should have been a member of Congress.
Sucks to be Lee Price III.
Give him time, he is young.
They’re going to make an example out of him.. 30-40 years. Ouch.
I thought I read someplace that strip clubs actually qualified for PPP loans?
“Was that wrong? Should I not have done that?‘
But those are just business expenses...maybe he’s a pimp or something
The crime is in the application for the funds, not how he spent the money. if he had not exaggerated the payrolls, he would have been fine. Acting like a Kennedy is not a crime, just the lying to get the money.
Apparently the bank processing these “loans” are not required to do any due diligence.
Lamborghini?
That’s one government auction I’d like to get in on.
Hmmm....now how was he able to find an open strip club???
I just read the headline....
are they talking about Joe Bidens son???
Article states he had two business’s with “several employees”, no way he could qualify for 700K & 900K, for several employees.
There is no defined difference between several and many, so the article could be technically correct.
Why not go after the Congress Critters that have been in office for 30-40 years.
Something is messed up.
Why not go after the Congress Critters that have been in office for 30-40 years.
Something is messed up.
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