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.

Man in the US
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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.

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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.

Man in the US
Image Source: Motor1

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.

Image Source: Dailymail

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