Story at a glance

  • A man accused of using federal coronavirus relief funding to purchase luxury goods has been sentenced to more than nine years in prison.
  • The Department of Justice (DOJ) said in a statement on Monday that the man used the funds to purchase a Lamborghini Urus, a Ford F-350 truck, a Rolex watch, and to pay off a loan on a residential property.
  • The DOJ has prosecuted 150 people and seized more than $75 million in fraudulently obtained PPP funding.

A man accused of using federal coronavirus relief funding to purchase luxury goods has been sentenced to more than nine years in prison.  

Thirty-year-old Lee Price III was sentenced to 110 months after pleading guilty in September to wire fraud and money laundering from which he obtained $1.6 million from the Payment Protection Program (PPP).

The Department of Justice (DOJ) said in a statement on Monday that Price used the funds to purchase a Lamborghini Urus, a Ford F-350 truck, a Rolex watch, and to pay off a loan on a residential property. Authorities seized more than $700,000 of the funds Price obtained through the scheme.

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“Mr. Price hopes that others will learn from his reckoning that there is no easy money,” Price’s lawyer Tom Berg said in an email to news outlets, according to The Associated Press (AP). “He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.”

The DOJ has prosecuted 150 people and seized more than $75 million in fraudulently obtained PPP funding. 


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Published on Nov 30, 2021