Andrew Marnell, 40, of Los Angeles was arrested and ordered held without bond on July 16 for fraudulently obtaining approximately $9 million in coronavirus relief funds and using some of the money to gamble in Las Vegas.
Marnell allegedly submitted a number of fraudulent loan applications in relation to the coronavirus pandemic and obtained millions in Paycheck Protection Program (PPP) funds.
Marnell allegedly submitted fake and altered documents, including fake federal tax filings and employee payroll records. Federal prosecutors said that the loan applications were made by using false and fraudulent identifications that were aliases of Marnell.
Marne transferred the fraudulently-obtained loan proceeds to his brokerage account and used some of the money to make risky stock market bets, and squandered hundreds of thousands of dollars at the Bellagio Hotel and Casino and other gambling establishments in Las Vegas.
Marnell, is due back in court next Tuesday, and faces up to 30 years in prison on the bank fraud charge.
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