Texas man spent $1.6 million in PPP loans on cars, a Rolex and clubs. He's been sentenced to more than 9 years in prison.

A 30-year-old Texas man has been sentenced to 9 years and 2 months in prison for fraudulently acquiring more than $1.6 million in funds through the government's coronavirus pandemic Paycheck Protection Program [PPP], the Department of Justice said Monday. The government said Lee Price III had pleaded guilty in September to wire fraud and money laundering. 

PPP loans were offered until May as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to help small businesses financially manage the economic toll of the pandemic. Price, according to authorities, fraudulently submitted loan applications to two different lenders in an attempt to get more than $2.6 million. 

He was able to acquire more than $1.6 million by misrepresenting the number of employees and the payroll expenses for three different businesses. On one of the applications, according to the criminal complaint, Price said that one of the small businesses, Price Enterprises, had 50 employees and an average monthly payroll of $375,000. Authorities said the business has no employees and no payroll, and that there is no indication the entity has ever hired anyone.