Entrepreneur accused of spending COVID relief funds on fancy cars

A Houston businessman is accused of spending $1.6 million in CARES Act money on real estate and luxury vehicles.

According to the U.S. Attorney's office, Lee Price III, 29, submitted fraudulent Paycheck Protection Program (PPP) applications to banks and other lenders.

Price Enterprises Holdings allegedly received more than $900,000, while a loan application listing 713 Construction was approved for more than $700,000.

The applications allegedly stated both entities each had numerous employees and significant payroll expenses.
The U.S. Attorney's office said Price used the money to buy a Lamborghini Urus, a Rolex watch, and several real estate transactions.

Price was arrested and charged with making false statements to a financial institution, wire fraud, bank fraud, and engaging in unlawful monetary transactions.