A local court convicted a man from Texas to a reduced sentence of over nine years in prison for fraudulently obtaining COVID-19 relief funds that he used for the purchase of a Lamborghini and other expenses.
On Monday, Lee Price III, 30, was meted the penalty after he 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 revealed on the applications, Price used the name of a person who died before the documents were submitted.
The DOJ added that in the paperwork, he also fudged payroll expenses and the number of employees he purportedly had at three separate businesses.
It was learned based on court documents that Price used some of the ill-gotten gains to buy a Lamborghini Urus, a Ford F-350 truck, and a Rolex watch.
Moreover, the DOJ said authorities have recovered over $700,000 in the fraudulently obtained money from the accused.
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