A man from the US was sentenced to 9 years in prison for fraudulently claiming $1.6 million (Rs 12 crore) in coronavirus relief loans to buy a new Lamborghini and other luxury items.
Lee Price III borrowed the large sum of money from the US government by stating he would need the funds for his business. However, he used it to his advantage and ended up spending the money on a series of luxury purchases that also included a Lamborghini.
The 30-year-old received all the money from the Paycheck Protection Program (PPP), something that was passed by Congress last year with the aim of supporting people and businesses affected by the coronavirus pandemic.
To acquire the funds, he submitted various PPP applications to different banks. While many denied him the loan, some approved the applications. One of the applications said he owned a company named Price Enterprises that had over 50 employees with an average monthly payroll of $3,75,000.
But his grand plan to have a lavish life was short-lived. Prince's fraud was caught in an inspection and he was sentenced to 110 months in prison for counts of money laundering and wire fraud, according to the justice department.
The inspection revealed Price's alleged businesses had no recorded employees or revenue. This came to light after he had already received $9,37,500.
The court documents revealed Prince spent the money on a Rolex watch, a Lamborghini Urus, and Ford F-350 among other things.