HOUSTON (KPRC/NBC News) – A 29-year-old Houston, Texas man is accused of making fraudulent applications for coronavirus relief aid and then spending the money on luxury items, according to a release from the U.S. Attorney’s Office.
Lee Price III was arrested and is charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions. He appeared in federal
court at 2 p.m. Tuesday and was appointed a federal public defender.
Prosecutors said Price was involved in a scheme to submit fraudulent Paycheck Protection Program (PPP) loan applications to federally insured banks and other lenders.
Price is accused of using the money to make “lavish personal purchases” including a Lamborghini Urus, a Rolex watch, a 2020 Ford F-350 pickup truck and a real estate transaction, officials wrote.
“He also allegedly spent thousands at strip clubs and other Houston night clubs,” officials wrote.
Read more: https://bit.ly/33ygcRt