Nicholas Price, 45, of Marysville, Ohio, was sentenced to nearly four years in federal prison for defrauding businesses through state agency contracts and laundering the proceeds, the U.S. Attorney’s Office for the Southern District of Ohio announced on Thursday.
Price defrauded three electronic equipment suppliers out of more than $1.4 million. The Ohio Department of Transportation, the Ohio Department of Rehabilitation and Correction, and the Ohio Department of Natural Resources were among the state agencies affected by the fraud.
Price, who owned Right PriceIT LLC, an Ohio-based IT business, accepted payments from companies awarded state contracts to broker lower-cost vendors but failed to pay the suppliers. In 2019, he secured nearly $689,000 from a company contracted with the Ohio Department of Transportation and the Ohio Department of Natural Resources, but the supplier was never paid. A similar scheme targeting the Ohio Department of Rehabilitation and Correction led to another $685,000 in losses.
Additionally, Price laundered the stolen proceeds through individuals linked to car dealerships and obstructed justice by instructing someone to delete his iCloud account before his detention hearing.
While on bond, Price violated release terms by using illegal substances, including methamphetamine, cocaine, and alcohol. He was also caught speeding over 100 mph multiple times and crashed a Ferrari, seriously injuring another driver. As a result, his bond was revoked, and he has remained in custody since.
In addition to his prison sentence, Price is ordered to pay over $1.4 million in restitution to the victims of his fraud.
