HOUSTON (Talk1370.com) -- A Houston man is the latest to face chrages for fraudulently using loans from the Paycheck Protection Program, federal officials announced Tuesday.
29-year old Lee Price III is facing charges of making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions.
According to the complaint, Price obtained two PPP loans totaling more than $1.6 million. Price Enterprises Holdings allegedly received more than $900,000, while an application for 713 Construction obtained more than $700,000.
Price allegedly used the loan proceeds not for payroll expenses, but for lavish personal purchases, such as expending the loan money on a Lamborghini Urus, a Rolex watch and real estate transactions. He also allegedly spent thousands at strip clubs and other Houston night clubs. The complaint further alleges Price used a portion of the loan money to buy a 2020 Ford F-350 pickup truck.
The 713 Construction application also listed a CEO who died in April 2020, a month before the application was submitted.
If convicted, Price could face a maximum penalty of up to 30 years in federal prison and a $1 million fine on the bank fraud charge, and up to 10 years in federal prison and a $250,000 fine for the unlawful transactions charge.