Lee Worth III was charged with fraud after he secured two authorities loans. (Representational)
Washington:
As a substitute of rushing off in a $200,000 Lamborghini Urus, a Texas man bought a slower journey to jail Tuesday after US authorities arrested him for utilizing $1.6 million in authorities pandemic support to go on a spending spree.
Lee Worth III, 29, was charged with fraud after he secured two authorities loans beneath the Paycheck Safety Program to pay workers he didn’t have, the Justice Division stated in a press release.
As a substitute he spent the funds on lavish items like a sports activities automobile and a Rolex watch, in addition to actual property, an F-350 pickup truck, and 1000’s of at Houston strip golf equipment, the assertion stated.
Worth secured two loans: Worth Enterprises Holdings allegedly acquired greater than $900,000, whereas 713 Development was authorised for over $700,000, however neither has workers and “the person listed as CEO on the 713 Development mortgage utility died in April 2020, a month earlier than the appliance was submitted,” in response to the grievance.
Congress authorised the PPP program in late March to assist small companies survive the coronavirus pandemic, granting loans that could possibly be forgiven in the event that they had been used to pay wages, lease and utilities.
(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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