A 29-Year-Old Lee Price Bought A Lamborghini And A Rolex With Money From The COVID-19 Financial Support
A businessman from Texas bought luxury items with funds intended to pay the salaries of employees of the company during the coronavirus pandemic. 29-year-old Lee Price became the owner of a Lamborghini car and a Rolex watch, some of the money he spent in Nightclubs in Houston.
The Prosecutor's office for the southern district of Texas on Tuesday charged Lee with providing "false data to banks, electronic fraud, forgery, and illegal monetary transactions." In this way, the entrepreneur gained access to $1.6 million in borrowed funds provided to pay salaries to employees of private enterprises during the coronavirus pandemic. The program, prepared by the US Federal government, is aimed at providing financial support to small and medium-sized businesses. Loans are granted on preferential terms and are forgiven if funds are spent on maintaining staff or paying for rental of premises during a pandemic within a certain period.
The Prosecutor's office conducted an audit of Price Enterprises and did not find the number of employees with salaries that were listed in the loan application. The person named as the head of the firm died in April 2020, one month before the application was sent. In addition to buying a super-class car and expensive wristwatches, the businessman spent thousands of dollars in strip clubs in Houston, the Prosecutor's office said. One of the last purchases was a Ford f-350 pickup truck that cost at least $ 35,000.
An outbreak of coronavirus was recorded in late 2019 in Central China and has spread to most countries. On March 11, the world health organization recognized it as a pandemic. According to Johns Hopkins University, which conducts calculations based on information from Federal and local authorities, more than 4.76 million cases of coronavirus infection were recorded in the United States, and 156.7 thousand people died.
The US Federal authorities have invested about $3 trillion in the US economy since March as part of several packages of emergency measures to stimulate economic growth during the pandemic.