LA Man Accused Of Fraudulently Obtaining $9M In PPP Loans, Spending Hundreds Of Thousands Gambling
Source: CBS LA
Andrew Marnell, 40, has been charged with one count of bank fraud for allegedly obtaining more than $8 million in PPP loans through applications to insured financial institutions, and others, on behalf of different companies, according to a criminal complaint.
Prosecutors said they now believe he received approximately $9 million in fraudulent loans. They also believe that number could rise as the investigation continues.
According to court documents, Marnell submitted fraudulent loan applications that made numerous false and misleading statements about the companies’ business operations and payroll expenses. Court documents also allege that Marnell, often using aliases, submitted fake and altered documents, including federal tax filings and employee payroll records.
The complaint further alleged that Marnell transferred millions of dollars from the fraudulently obtained loan proceeds to his brokerage accounts to make risky stock market bets and spent hundreds of thousands of dollars at the Bellagio Hotel & Casino and other gambling establishments “as recently as last weekend.”
Read more: https://losangeles.cbslocal.com/2020/07/16/los-angeles-man-ppp-loans-alleged-fraud-gambling-las-vegas-coronavirus/
Could be a 30 year sentence.
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