Taxes & SpendingHouston Man Allegedly Spent Federal PPP Funds on Lamborghini, Strip Clubs

Thus far, there are 30 prosecutions for fraudulent use of Paycheck Protection Program money across the country, the latest one being a Houston man who spent it on a Lamborghini Urus, a Rolex watch, and more.
August 6, 2020
The Department of Justice announced charges against a 29-year-old Houston man, accused of defrauding the Paycheck Protection Program (PPP) for more than $1.6 million. He allegedly used the cash to make an assortment of extravagant purchases including a Lamborghini Urus and entertainment at strip clubs.

Lee Price has been arrested and charged in the U.S. District Court for the Southern District of Texas with making false statements to financial institutions, wire and back fraud, and making illegal financial transactions after his alleged scheme was discovered by investigators.

Court documents say Price is a convicted robber and forger, and has charges pending against him in Harris County for other crimes.

He is accused of making bogus applications to several financial institutions using false information, but authorities say only two of them were ultimately paid to Price.

The criminal complaint affidavit alleges that Price used his father’s Social Security number and identification to apply to a bank in Massachusetts for $937,500 worth of PPP funding, claiming to have a company with 50 employees called Price Enterprises.

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Investigators say Price spent the loan on expensive lifestyle purchases including a Lamborghini Urus, a Rolex watch, food, entertainment, and alcohol. He also spent money at strip clubs, night clubs, and two $100,000 purchases on real estate and a business office lease.

Price is also accused of using a deceased Ohio wine shop owner’s name and address on another application to a lender in California on behalf of a fake company called 713 Construction.

A loan of $752,452 was paid to Price, part of which the government says he used to rent a high-dollar apartment in downtown Houston and to purchase a Ford F-350 truck with the help of an accomplice.

Anyone who suspects coronavirus relief fraud is encouraged to report it to the federal government on this online form or by calling the National Center for Disaster Fraud Hotline at 866-720-5721.


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Hayden Sparks

Hayden Sparks is a senior reporter for The Texan and a lifelong resident of the Lone Star State. He has coached competitive speech and debate and has been involved in politics since a young age. One of Hayden's favorite quotes is by Sam Houston: "Texas has yet to learn submission to any oppression, come from what source it may."

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