As well a new truck and Rolex watch.
Last spring, the US government authorized about $3 trillion of coronavirus relief funding in order to help protect the American economy from imploding due to stay-at-home orders. Not everyone can work from home as millions of small businesses, such as restaurants, retail stores, and hairdressers can attest to. Business owners had to apply for funds by proving their businesses depended on them in order to survive. Unfortunately, a few bad apples took advantage of the so-called free money.
According to NBC News, a Texas-based businessman named Lee Price III is accused of applying for and receiving relief funds amounting to $1.6 million. Investigators say Price received two loans, one for $900,000 and the second for $700,000, that supposedly would have been put towards the two businesses he claimed to have.
Price stated on his applications there were "numerous" employees and "significant" payroll expenses. Turns out both businesses had neither. It was all a scam. Upon receiving the funds, Price went on a shopping spree, buying a Lamborghini Urus, Ford F-350 truck, and a Rolex watch. He also spent thousands at strip clubs in Houston. Does any of this sound familiar? It should.
Just last month, a man in Florida was also arrested and charged with fraudulently obtaining $3.9 million in paycheck protection loans from the government, but instead bought a new Lamborghini Huracan. He then crashed it and left the scene, making it very easy for the authorities to discover his crimes.
Also in July, another man lied and obtained a PPP loan totaling $590,000 and he immediately purchased a pair of Cadillac Escalades, a Dodge Charger, and a Hummer.
With more pandemic relief funds supposedly on the way, it's nearly guaranteed at least someone else will attempt to commit fraud and outright steal money away from those who truly need it to survive. They should be made aware in advance they won't get away with it and they're next stop is prison.