Tuesday, November 30, 2021
Home > U.S-NEWS > LA man fraudulently admits to getting $ 9 million in COVID-19 loan

LA man fraudulently admits to getting $ 9 million in COVID-19 loan

LA man fraudulently admits to getting $ 9 million in COVID-19 loan

A Los Angeles man has pleaded guilty to fraudulently obtaining $ 9 million in loans from emergency programs, some of which were transferred to his trading accounts and used for gaming trips to Las Vegas, federal prosecutors said.

Andrew Marnell pleaded guilty on Tuesday to one count of bank fraud and one for money laundering, the U.S. Attorney’s Office said in a statement. The 41-year-old risks up to 40 years in prison when he was convicted in February.

Marnell admitted that with the help of a number of companies he controlled, he could get loans under the Federal Paycheck Protection Program.

Prosecutors said his loan applications made several false and misleading statements about the companies’ business operations and payroll expenses. Marnell, who often used aliases, submitted false and altered documents, including false federal tax information and salaries to employees, investigators said.

As part of a lawsuit, Marnell agreed to drop items related to the disbursed loans, including $ 319,298 in cash retrieved from his residence, numerous electronic devices, a Rolex Oyster watch, a Range Rover and a Ducati motorcycle.

Leave a Reply

Your email address will not be published. Required fields are marked *