12 December 2024

A Texas Man Receives Over 9 Years in Jail for Deceiving People in PPP Loan Fraud Scheme

By Ronald Smith

Hey there, folks! I have some news for you that might leave you scratching your heads. You won’t believe what this Texas man did! Brace yourselves!

So, there was this guy from Texas who thought he could play a little game and deceive people. But guess what? He got caught! And now, he’s paying the price for his actions.

Let me break it down for you. This guy, pretending to be something he wasn’t, got involved in something called a PPP loan fraud scheme. Yeah, it’s as bad as it sounds. He basically tricked people into giving him money through this scheme.

Now, why would he do such a thing, you may wonder? Well, it’s all about money, my friends. This guy wanted to get his hands on some extra cash, and he thought this scheme was the way to do it.

But here’s the thing: you can’t just go around deceiving people and expect to get away with it. The law always catches up with you, and that’s exactly what happened in this case.

So, what’s the punishment for this mischievous act, you ask? Well, let me tell you, it’s no joke. This Texas man has been sentenced to more than 9 years in jail! That’s a long time, isn’t it?

Now, this story might leave you wondering why someone would risk their freedom for some quick bucks. It’s a perplexing question indeed. But one thing’s for sure: crime doesn’t pay, folks!

Remember, it’s important to always do things the right way and not fall into the trap of greed. Because in the end, it’s not worth it. Stay on the straight and narrow, my friends!

A Texas Man Receives Over 9 Years in Jail for Deceiving People in PPP Loan Fraud Scheme

I’ve got some news for you about a guy named Lee Price III from Houston, Texas. He just got in big trouble for messing with the Paycheck Protection Program (PPP), and he’s not the only one.

A Texan Gets 9 Years for Messing with PPP Loans

The Department of Justice (DOJ) says that Price is facing a 9-year sentence for his sneaky plan to scam and launder money through the PPP. Back in September, Price admitted to doing some wire fraud and money laundering. Even though he didn’t reach his goal of $2.6 million, he still managed to snag $1.6 million from the PPP.

I accomplished this by applying for PPP loans through two different lenders for three companies. I used 713 Construction LLC, Price Enterprises Holdings LLC, and Price Logistic Services LLC, and requested over $2.6 million. However, I ended up receiving $1.6 million by lying about the number of employees, payroll costs, falsifying tax records, and providing false information in each loan application.

How I Spent the Money

When it came time to spend the money, I didn’t hold back. According to the DOJ, I made several purchases, including a Lamborghini Urus, a Ford F-350 truck, a Rolex watch, and paying off a loan on a house I owned.

The DOJ, along with other law enforcement agencies such as the FHFA-OIG, SBA-OIG, and the U.S. Postal Inspection Service, managed to recover over $700,000 of the fraudulently obtained funds.

Time is Running Out for Criminals

If you’re thinking of committing these crimes, beware. The clock is ticking, and soon you’ll find yourself behind bars in a federal prison. In the words of Acting Assistant Attorney General Nicolas McQuaid:

If you’re planning to take advantage of the global pandemic to cheat and steal from hardworking Americans, I have some straightforward advice for you. Stop right there. It doesn’t matter who you are or where you hide, we’ll track you down and make sure you face the consequences of your actions.

A Texas Man Receives Over 9 Years in Jail for Deceiving People in PPP Loan Fraud Scheme

More Cases Coming Soon!

I wanted to let you know that the court documents below have all been unsealed. Exciting stuff!

Central District of California

  • U.S. v. Lebnitz Tran
  • Guess what? We’ve got a superseding indictment on this case!

Southern District of Florida

Middle District of Louisiana

District of Montana

Eastern District of North Carolina

  • U.S. v. David Christopher Redfern
  • We’ve got some interesting documents for you to check out: a complaint, a superseding indictment, and an indictment. Take a look!

Northern District of Oklahoma

Southern District of Texas