Man in the US Jailed After Buying Luxury Cars Using Government Loan

US Authorities Arrest a Man Who Allegedly Bought Sports Car Using Gov’t Loan

A man in the United States (US) was arrested after authorities discovered that he bought a sports car using money loaned from the government.

Lee Price, 29, was arrested in Texas after buying a luxury car, Lamborghini Urus worth $200,000 using the money he loaned from the government. Lee was charged with fraud after claiming two governments pandemic aid.

The cash aid he received was worth $1.6 million under the Paycheck Protection Program, according to the Justice Department. Instead of buying essentials needs, Price spent the funds on lavish goods such as sports car and a Rolex watch.

Based on the report of Business Times, Price also spends the money on a real estate, an F-350 pickup truck, and thousands of dollars at the Houston strip clubs. According to the complaint filed against Price, he got $ 900,000 for Price Enterprise Holdings and $ 700,000 for 713 Construction.

However, it was learned that the two companies did not have an employee and the individual listed as chief executive officer of 713 Construction died in April 2020, a month before the application was submitted.

The U.S. Congress has approved the PPP program to help small businesses that have been affected by coronavirus disease (COVID-19). The program was said to grant loans that could be forgiven if they were used to pay wages, rent, and utilities.