A Houston businessman was arrested after police accused him of spending $1.6 million in COVID-19 relief funds on luxury items such as a Lamborghini, a Rolex watch and more. Deets inside…

While some people who desperately need help can’t secure the much-needed federal funds, others are scheming and plotting for a quick come up.

A 29-year-old Houston businessman is being accused of allegedly spending $1.6 million in COVID-19 relief funds, according to a press release from the U.S. Attorney’s Office. The PPP funds were allegedly spent on a Lamborghini, a Rolex watch, strip clubs and more. We assume he was hitting up those drive-thru strip clubs in Houston.

Lee Price III was arrested and charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions. U.S. Attorney Ryan K. Patrick claims Price was involved in a scheme to submit fraudulent PPP loan applications to federally insured banks and other lenders. The Small Business Administration (SBA) guarantees the loans for COVID-19 relief through the PPP under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

**Mugshots of Lee Price III that date back to 2007 when he was a teenager.

Instead, Lee purchased a Lamborghini Uras, a Ford-350 pickup, real estate, a Rolex and other luxury items. “He also allegedly spent thousands at strip clubs and other Houston night clubs,” officials wrote.

Now, sir...

Price allegedly filled out two fraudulent applications. He received $900,000 via Price Enterprise Holdings and $700,000 for a loan application listing for 713 Construction.

“The loan applications allegedly asserted both entities each had numerous employees and significant payroll expenses,” officials wrote. “According to the charges, however, neither entity has employees nor pays wages consistent with the amounts claimed in the loan applications.”

Get this…

On the application for 713 Construction, the listed CEO actually died in April 2020, more than a month before the application was submitted.

If he’s convicted, Price could face the maximum penalty of up to 30 years in federal prison along with a $1 million fine on the bank fraud charge. If convicted of the unlawful transactions charge, he could face up to 10 years in federal prison and a $250,000 fine.

Well, play stupid games...

There are people who desperately need financial help during these times and can’t receive it. Meanwhile, Lee Price III was out here running the streets like he’s rich rich.

This hopefully will not become trend. There have been several reports of people getting arrested and charged for scheming PPP loans, including "Love & Hip Hop: Atlanta" star Arkansas Mo, Karlie Redd's ex-fiance.

Photo: HPD