Lee Price III Wiki
Lee Price III Biography
Who is Lee Price III ?
A Houston man who scammed $ 1.6 million in COVID relief funds and spoiled it in a Lamborghini and strippers was sentenced to nine years in prison Monday.
Lee Price III, 30, had spent the relief fund money on luxury items like a Lamborghini, a Ford F-350 pickup, a Rolex watch, and even a strip club.
Price had pleaded guilty to wire fraud and money laundering charges in September after applying for loans from the Paycheck Protection Program (PPP).
Since then, federal authorities have seized $ 700,000 in expensive money and property from Price.
‘Mister. Price hopes that others will learn from his calculations that there is no easy money, ”Price’s attorney, Tom Berg, said in an email to the Washington Post.
“He has the balance of the 110-month sentence to reflect, repent and rebuild his wasted life.”
Price had also purchased a $ 14,000 Rolex with the funds
He had applied to two different lenders with 713 Construction LLC, Price Enterprises Holdings LLC and Price Logistic Services LLC.
In the application, he had falsely claimed the number of employees he had working for his business in addition to his payroll taxes.
Price had also requested $ 2.6 million in the loan application before receiving $ 1.6 million.
The CEOs of one of the companies, whose name Price had used in the plan, died a month before the application was submitted.
With the funds, Price purchased a $ 233,000 Lamborghini Urus, an $ 85,000 Ford F-350 pickup, and a $ 14,000 Rolex. He had also spent thousands of dollars in nightclubs and strip clubs.
His criminal record spans 14 years, KHOU revealed, with a grid of mugshots telling the story of the scammer’s previous arrests.
Price is not the first person to take advantage of the COVID relief fund system.
The PPP designed under the CARES Act was intended to financially support small businesses and their employees that had been affected by the pandemic.
Since then, the U.S. Department of Justice’s Fraud Division has prosecuted more than 150 defendants in more than 95 criminal cases and seized more than $ 75 million in fraudulent funds, according to its press release.
Vinath Oudomsine, of Georgia, 31, pleaded guilty to one count of wire fraud after he lied to the Small Business Administration to obtain an aid loan of $ 85,000.
Oudomsine had spent two-thirds of the loan on a $ 57,789 Pokémon card after lying on an application for the SBA Economic Injury Disaster Loan (EIDL).
In the application he had stated that he had 10 employees and that his annual gross income from his ‘business’ was $ 235,000.
His statement subjects him to the maximum penalty of up to 20 years in prison, a fine of $ 250,000 and three years of supervised release.
Lee Price III Quick and Facts
- Houston man Lee Price III, 30, has been sentenced to nine years in prison after he scammed $1.6 million in COVID relief funds
- Price had spent the relief fund money on luxury items such as a Lamborghini, a Ford F-350 pickup truck, a Rolex watch and even at strip clubs
- He had applied for a $2.6 million loan with the Paycheck Protection Program and falsely claimed the number of employees he had in addition to their payroll taxes
- He pleaded guilty to charges of wire fraud and money laundering in September
- Federal authorities have since seized $700,000 worth of Price’s money and expensive goods