A resident of West Los Angeles has been sentenced to 78 months in federal prison for fraudulently obtaining over $7.3 million in coronavirus relief funds, some of which he squandered in Las Vegas.
Andrew Marnell, a 43-year-old individual residing in the Beverly Grove neighborhood, pleaded guilty in 2021 to bank fraud and money laundering. He was found guilty of submitting fabricated and altered documents, such as fraudulent federal tax filings and employee payroll records, to insured financial institutions on behalf of various companies.
A hearing for restitution has been scheduled for the 28th of August.
According to the U.S. Attorney’s Office, Marnell utilized fake identities, which were aliases, to apply for Paycheck Protection Program loans. He also made numerous false statements regarding the businesses’ operations and payroll expenses.
Marnell then transferred the fraudulently acquired funds into his brokerage account for high-risk stock market investments. Additionally, he spent hundreds of thousands of dollars at a Las Vegas casino, as detailed in his plea agreement.
Alongside his prison sentence, Marnell is obligated to pay restitution to the lenders who fell victim to his fraudulent activities. The amount, estimated to be at least $7.3 million, will be recovered. Additionally, Marnell agreed to forfeit several valuable possessions, including two Rolex Oyster watches, a Range Rover, and a Ducati motorcycle, according to documents filed in Los Angeles federal court.
The fraudulent PPP loans were part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, which aimed to provide assistance to millions of Americans affected by the pandemic.
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