A person from Houston, Texas has been sentenced to 9 years in a federal jail after fraudulently receiving greater than $1.6 million in low-interest Paycheck Safety Program loans in the course of the COVID-19 pandemic.

Lee Worth III claimed that his three corporations, Worth Enterprises Holdings, Worth Logistic Companies, and 713 Development, had massive payrolls that wanted to be coated utilizing emergency funds from the Paycheck Safety Program. He requested for $2.6 million in loans, obtained them and funneled them by means of the three companies.

Learn Additionally: California Man Charged For Utilizing COVID Loans To Purchase A Ferrari, A Lamborghini And A Bentley

In keeping with the Related Press, Worth paid of a mortgage and bought each a $233,000 Lamborghini Urus and an $85,000 Ford F-350. He additionally purchased a $14,000 Rolex and spent 1000’s of {dollars} at nightclubs and strip golf equipment in Houston.

Nonetheless, Worth’s scheme rapidly unraveled. He was arrested in August final 12 months and this September, he pleaded responsible to fees of wire fraud and cash laundering. He has now been sentenced to 110 months in jail.

That is removed from the one case of grasping people fraudulently acquiring funds from the Paycheck Safety Program and utilizing them to buy luxurious items. In Might, a Californian man was arrested after he obtained greater than $5 million in loans. He submitted purposes to 3 completely different banks for the aid funds to assist 4 corporations he operated in California. Nonetheless, these corporations weren’t in operation and prosecutors consider he used another person’s title, Social Safety quantity and signature on the purposes. He used the funds to buy a 2011 Ferrari 458 Italia, a 2018 Lamborghini Aventador S, and a 2020 Bentley Continental GT.