AUTOMOBILE

Living Lamborghini Lavish: Fraudster Used $1.6 Million in PPP Loans for Supercar, Rolex – MotorBiscuit

During the coronavirus (COVID-19) pandemic, the government implemented specific programs quickly to keep businesses and families afloat. Some people took advantage of the Paycheck Protection Program (PPP) to fund extravagant personal supercar purchases like Lamborghinis, Ferraris, and even a Rolex or two. What is PPP fraud, and how does one buy a Lamborghini with it?

Paycheck Protection Program (PPP) fraud: Lamborghini edition

Fraudster Used PPP Loans to Buy Lamborghini Supercar, Rolex | Joe Raedle/Getty Images

According to the Department of Justice Office of Public Affairs, Lee Price III, 30, of Houston, pleaded guilty to fraud charges this week. The Texas man fraudulently obtained more than $1.6 million in PPP loans. The Small Business Administration (SBA) under the Coronavirus Aid, Relief and Economic Security (CARES) Act guaranteed these loans. Upon receiving the money, Price almost immediately bought a Lamborghini Urus.


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