A Man In Texas Was Arrested For Buying A Lamborghini
A man was arrested for purchasing a Lamborghini and the reason why will make your jaw drop.
This article is more than 2 years old
Who knew that buying a Lamborghini could land someone in jail? In Lee Price III’s case that is just what happened. He purchased the brand new sports car and as a result, is now doing jail time. However, Price’s case is not all that cut and dry, it was ultimately how he paid for the car that put him behind bars. According to ABC News, the 30-year-old Houston man was arrested and sentenced to 9 years in prison for extorting money from the Federal Government’s small business COVID relief fund, the Paycheck Protection Program.
Price, the man who was arrested, was formally charged with wire fraud and money laundering. Price was able to initially fool the government into allocating him funds through their Paycheck Protection Program by assuming the identity of an individual who had passed away. He then used his alias to create three separate fake businesses and pseudo payroll documents that detailed payments to fictional employees. Ultimately, because of his elaborate scheme Price was able to siphon approximately $1.6 million from the federal program, effectively taking the money from honest small business owners desperate for help.
In addition to using the funding to purchase the Lamborghini, he also used the money to make other lavish purchases including a Rolex watch, an $85,000 pickup truck, and made frequent soirées to local strip clubs. Prosecutors on the case also noted that Price satisfied numerous debts he had including a loan on a residence he owns.
Subsequent to his arrest and sentencing, Price has shown some remorse for his actions. He put out a statement via his Lawyer Tom Berg who relayed that “Mr. Price hopes that others will learn from his reckoning that there is no easy money,” Berg continued “He has the balance of the 110-month sentence to reflect, repent and rebuild his misspent life.” Ironically, had Price used his intelligence and ingenuity for good instead of committing fraud he could have potentially made a positive impact on the world.
The pandemic has truly pushed some individuals to do some outwardly unthinkable things, particularly, in terms of acquiring money by means of criminal activity. Recently, a Virginia woman and her husband were sentenced to 12 years in prison for generating nearly $32 million dollars in profits by selling fake coupons over the span of three years. An FBI investigation in collaboration with the United States Postal Service and the Coupon Information Center is what eventually led to the couple’s arrest. Similar to Price’s Lamborghini and other luxury purchases, the Virginia couple also used their tainted wealth to buy extravagant items and perform large-scale renovations on their home.
In a separate scheme, that same couple illegally obtained $43,000 worth of funds from the government-run food assistance program SNAP and subsidized insurance plan Medicaid by committing perjury through providing the agency with false credentials and income. Like Price, they also took money away from honest people who truly needed it. Upon receiving their sentence and having their fates sealed, the Virginia pair also expressed their remorse and submitted a statement to the New York Times admitting their deep shame. However, in both cases, their regrets occurred too little too late.
