A Houston man has been sentenced to more than nine years in prison for wire fraud and money laundering. According to the prosecutor, Lee Price III was accused of using federal COVID-19 relief funding on a Lamborghini, a Rolex watch, and trips to strip clubs. At the age of 30, Price was sentenced Monday to 110 months in prison as he pleaded guilty in September to the two charges.
Price’s lawyer said in an email to news outlets that “Mr.Price hopes that others will learn from his reckoning that there is no easy money,… He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.”
The prosecutor on the case accused Price of fraudulently using more than US$1.6 million. He got the funding through the Paycheck Protection Program, which gave low-interest loans to small businesses struggling in the pandemic. The prosecutors added that he also used the funds to purchase an $85,000 pickup truck and pay off a loan for a property.
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