HOUSTON (1080 KRLD)- Federal prosecutors say 29 year old Lee Price the Third fraudulently got more than 1.6 million dollars in Paycheck Protection Program loans.
He spent the cash not for payroll expenses, but on things like a Lamborghini, a Ford F -350, a Rolex, visits to strip clubs and on real estate deals.
According to the complaint, Price was involved in a scheme to submit two loans..one for Price Enterprises Holdings and the other for 713 Construction. According to the charges, neither has employees.
The person listed as CEO on the construction loan died a month before the application was submitted.
Price is charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions.