by Harold W. Reid, The Chicago Times
December 1, 2021
HOUSTON – Lee Price III, 30, was sentenced to more than nine years in prison after pleading guilty in a case in which prosecutors claimed he spent federal COVID-19 relief money on a Lamborghini Urus, a Rolex watch, and strippers.
Price was sentenced to 110 months in prison after pleading guilty to wire fraud and money laundering in September. Prosecutors accused Price of misusing more than $1.6 million in Paycheck Protection Program funding, which provided low-interest loans to small businesses struggling during the pandemic. Prosecutors also claim Price used the funds to purchase a $85,000 Ford F-350 pickup truck and to pay off a residential property loan.
According to court records, he obtained the coronavirus relief funds through bogus businesses, and authorities have recovered approximately $700,000 of the funds.