Lee Price lll had borrowed a large sum of money from the US government by claiming that he needed the funds for his business. Instead, he used the money for personal gains and bought a series of luxury purchases that also included a Lamborghini.??
Taking undue advantage of others and then benefitting does not go a long way, and everyone has to do their penance for their wrongdoings. So it comes as no surprise that Price was eventually sentenced to nine years in prison?for claiming $1.6 million (Rs 12 crore) in coronavirus relief loans to buy a new Lamborghini and other luxury items.
The 30-year-old took the money from the Paycheck Protection Program (PPP, something that was passed by Congress last year with the aim of supporting people and businesses affected by the coronavirus pandemic).
His application was initially rejected by many banks, but then some approved it.?
One of the applications said he owned a company named Price Enterprises that had over 50 employees with an average monthly payroll of $3,75,000.
However, his long con quickly came to an end when his?fraud was caught in an inspection and he was sentenced to 110 months in prison for counts of money laundering and wire fraud, according to the justice department.
According to the inspection, Price's alleged businesses had no recorded employees or revenue. This was revealed only after he had already received $9,37,500.
The court documents revealed Prince spent the money on a Rolex watch, a Lamborghini Urus, and Ford F-350 among other things.
Officials have now recovered more than $7,00,000 of the total loan amount acquired by Price.
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