A Texas man who fraudulently got $1.6 million in coronavirus relief loans and then spent some of it on a Lamborghini was sentenced to more than nine years in prison Monday, federal prosecutors said.
The man, Lee Price III, 30, was sentenced to 110 months on wire fraud and money laundering counts, the Justice Department said. He pleaded guilty in September.
Price, of Houston, received $1.6 million in loans from the Paycheck Protection Program, which Congress passed in March 2020 to help businesses affected by the COVID-19 pandemic.
The purported businesses had no record of employees or payroll, and Price spent some of the money on a Lamborghini Urus, a Ford F-350 and a Rolex watch, according to court documents.