Texas entrepreneur accused of scamming U.S. government’s Paycheck Protection Program out of $1.6 million to live the high life.
Houston businessman Lee Price III
“I don’t know what’s gonna happen, but I wanna have my kicks before the whole sh*thouse goes up in flames,” the inimitable Jim Morrison famously said.
With said sh*thouse now more than smoldering, one Texas businessman was apparently determined to live by the Morrisonian dictum – using whatever means available.
Lee Price III of Houston fraudulently obtained coronavirus relief loans intended for small businesses only to blow the money on strip clubs, a brand-new Lamborghini and a Rolex watch, federal prosecutors allege.
The 29-year-old is accused of scamming the US government’s Paycheck Protection Program (PPP) out of more than $1.6 million by claiming he needed the cash for payroll expenses, a Department of Justice press release said.
Price was allegedly involved in successfully submitting fraudulent PPP loan applications for two companies.
Price Enterprises Holdings reportedly received more than $900,000, while a loan application listing 713 Construction was approved for more than $700,000.
The applications allegedly stated that each entity had numerous employees and significant payroll expenses when neither had any, according to prosecutors.
The person listed as CEO on the application for 713 Construction was not even alive – he died a month before it was submitted, officials said.
Once Price got his mitts on the money, he allegedly spent it on lavish purchases, including a Lamborghini Urus, a 2020 Ford F-350 pickup truck, a Rolex watch, and several real estate transactions.
He also squandered thousands at strip clubs and nightclubs in Houston, prosecutors allege.
Price was arrested and charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions.
He made his first court appearance before a federal judge in Houston on Tuesday.
Price’s arrest follows the busting of a Miami man on similar offenses late last month.
David T. Hines, also 29, allegedly scammed $4 million from the program and, like Price, spent the money on a Lamborghini and other luxury items.
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