Second man allegedly buys Lamborghini with coronavirus loans
Even with millions of Americans suffering from Covid-19 and struggling amid the related economic catastrophe, there’s always someone ready to pull a fast one. Sometimes a very fast one.
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Last month a man in Florida found himself, metaphorically speaking, pulled over for allegedly buying a Lamborghini sports car with money from coronavirus crisis emergency loans.
Now he’s being tailgated by a man in Texas similarly accused of spending Covid-19 benefits on a Lamborghini – and much more besides.
Federal prosecutors say a Houston man bilked the government out of $1.6m in Covid-19 business relief funding and spent some of the money on the trophy vehicle, as well as jewelry and trips to strip clubs, among other things (eg a Rolex and, more modestly than a Lamborghini, a Ford pickup).
Lee Price III, 29, is charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions, the Houston Chronicle reported on Wednesday.
Prosecutors allege that Price stole from the paycheck protection program (PPP), which gives low-interest loans to small businesses struggling during the pandemic.
One company called Price Enterprises Holdings received $900,000 and another company, 713 Construction, received $700,000, according to an unsealed complaint.
The 713 Construction application named a person as the CEO who had died a month before the form was submitted in May.
Prosecutors say the application contained inaccurate information pertaining to employee numbers and payroll expenses.
Price is due in court next week.
