Lee Price III, who pleaded guilty to federal court fraudulent receipt of more than $ 1.6 million in Paycheck Protection Program (PPP) loans has been sentenced to 9 years and 2 months imprisonment, reports CBS News.
As BLACK COMPANIES As previously reported, Price, 30, filed multiple fraudulent PPP loan applications for two different lenders for $ 2.6 million on behalf of two different companies: 713 Construction LLC and Price Enterprises Holdings LLC. 713 Construction LLC’s PPP loan application was made on behalf of an individual who passed away shortly before the application was made. Through the two PPP loan applications, Price had requested and received over $ 1.6 million.
In the papers that Price presented to the government, he incorrectly stated the number of people who worked for the companies and the cost of wages in each of the PPP loan applications. When filing the fraudulent PPP applications, he also produced falsified tax records and other materials.
Upon receipt of the funds, Price spent the money on a Lamborghini Urus, a Ford F-350 truck, and a Rolex watch, and also used some of the money to pay off part of his debt, including a home loan. According to ABC News and KHOU 11, Price also spent $ 2,000 at a strip club, $ 2,500 at a nightclub, and at least $ 700 on liquor purchases.
More than $ 700,000 was seized by the Justice Department along with law enforcement partners.
“Mr. Price hopes that others will learn from his assessment that there is no such thing as easy money.” Tom Berg, Price’s attorney, told the Washington Post in an email. “He has the remainder of the 110-month sentence to reflect, regret, and rebuild his life as he lost it.”
Price faced a maximum sentence of 20 years in prison for any transfer fraud and 10 years in prison for any money laundering that could have resulted in a prison sentence of up to 70 years.
