Wednesday, August 4, 2021
84.9 F
Fort Worth

Prosecutors: Texas man stole $1.6M in COVID-19 relief money

🕐 1 min read

HOUSTON (AP) — Federal prosecutors say a Houston man bilked the government out of $1.6 million in COVID-19 business relief funding and spent some of the money on a Lamborghini, jewelry and trips to strip clubs, among other things.

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.

Prosecutors allege that Price stole from the Paycheck Protection Program, 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 also used the loans for a 2020 Ford pickup, a Rolex watch and real estate, according to prosecutors. He was scheduled to make an initial appearance before U.S. Magistrate Judge Sam S. Sheldon on Tuesday.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate