NOT SO SLY

Texas ‘Entrepreneur’ Spent Coronavirus Loans on Strip Clubs, Lamborghini: Feds

His arrest comes just days after a Florida man was charged with doing the same thing.

A Houston entrepreneur faces fraud charges after allegedly spending coronavirus relief funds on a Lamborghini, a Rolex watch and visits to strip clubs. Lee Price III allegedly obtained $1.6 million in Paycheck Protection Program loans—$900,000 via an application from Price Enterprises Holdings and $700,000 via an application from 713 Construction. Both applications claimed that the businesses had “numerous employees and significant payroll expenses.” But neither business has employees, and the person listed as the CEO of 713 Construction died a month before the application was made, the feds allege. Another man in Florida was arrested in July after allegedly buying a Lamborghini with fraudulently collected PPP loans.