In a time when most of the world is still suffering financially as a result of multiple lockdowns and a pandemic, it is hard to side with someone who abuses the system to meet their own fate. The man caught abusing the system is Lee Price III, and how he chose to spend his PPP loan money, which was meant to keep businesses afloat during these hard fiscal times, will most likely infuriate you.
Wasting Other People’s Money
The thirty-year-old Texas businessman applied for the Pandemic Paycheck Protection program for economic security during the countrywide lockdown, but just how much he acquired and how that cash was utilized was truly morally bankrupt.
Lee Price III fraudulently applied for loans from two different lenders, with the total being borrowed exceeding one million dollars. The craziest part is he actually applied for $2.6 million in total. Price claimed to own a small business that he said had roughly fifty employees with a payroll close to $400K a year. The reality was he owned one very small business that had no employees or payroll at all.
Handing Money to Monsters
Once given his loan which, let’s be honest, never should’ve happened, he went on to spend it in what sounds like a scene straight out of The Wolf of Wall Street. Price bought everything a nine-year-old boy would buy if given the same amount. A Lamborghini Urus, a Rolex watch, and a Ford F-350.
Price went on to spend two grand at a Texas strip club, and also upwards of seven hundred dollars at the liquor store. All of this actually makes sense once you look into Price’s background, as he’s been arrested multiple times for fraud and once for actual robbery.
The one upside to this story is Price was detained for his cliche villain act and found guilty on all counts. He has been sentenced to nine years and two months in prison. Sadly, his story is by no means isolated or unique. His is one of over 95 cases of PPP fraud between over 160 defendants in the last two years. Over $75 million in cash has been seized in the last two years, with undeniably more stories like this to come.
Honestly, it’s the kind of story that breaks your heart when you know people are actually struggling out there. At least he was held accountable, which will hopefully deter others with the same intent in mind.
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