A California man pleaded guilty today to federal charges stemming from a scheme that used ...

Man Pleads Guilty to Fraudulently Obtaining Approximately $9 Million in COVID-Relief Loans, Some of Which Was Gambled Away – Department of Justice

A California man pleaded guilty today to federal charges stemming from a scheme that used a series of corporations he controlled to fraudulently obtain approximately $9 million in loans from COVID-relief programs, some of which he used on gambling excursions to Las Vegas and transferred to his stock trading accounts.According to court documents, Andrew Marnell, 41, of Los Angeles, admitted that he fraudulently obtained Payroll Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In the course of the scheme, Marnell obtained seven PPP loans totaling just under …

 

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