A Houston man is in custody after federal prosecutors say he fraudulently obtained $1.6 million in COVID-19 business relief money, some of which he spent on personal purchases such as a Lamborghini Urus and visits to strip clubs.
Lee Price III, 29, is at least the second person in Houston’s federal court accused of stealing money from the Paycheck Protection Program, which gives loans at low interest rates to business financially struggling as a result of the novel coronavirus pandemic and ensuing economic downturn.
Authorities say Price partook in a scheme to submit fraudulent Paycheck Protection Program applications to federally insured banks and other lenders, netting $900,000 from one application and $700,000 from another.
