An individual residing in the affluent Beverly Grove neighborhood of West Los Angeles has been handed a federal prison sentence of 79 months for engaging in fraudulent activities aimed at acquiring at least $7.3 million in COVID-19 relief funds. Shockingly, a portion of these ill-gotten gains were squandered away in the glamorous city of Las Vegas.
Andrew Marnell, a 43-year-old man, had already admitted guilt in 2021 to one count each of bank fraud and money laundering. This came after he was found to have submitted counterfeit and manipulated documents, including falsified federal tax filings and employee payroll records, in the name of various establishments to insured financial institutions.
The upcoming restitution hearing has now been scheduled for August 28th.
Impersonating himself under fake identities when applying for Paycheck Protection Program (PPP) loans, Marnell blatantly deceived both lenders and the U.S. Attorney’s Office by supplying false information regarding the businesses’ operations and payroll expenses.
Subsequently, the fraudulently obtained funds were surreptitiously transferred to Marnell’s brokerage account, where he engaged in speculative and high-risk stock market investments. Furthermore, he shamelessly splurged hundreds of thousands of dollars at a casino in the vibrant city of Las Vegas.
Aside from the substantial prison term, Marnell has been ordered to make restitution to the aggrieved lenders, with the amount expected to exceed $7.3 million. In addition, court records reveal that he has consented to surrendering valuable assets such as two Rolex Oyster watches, a Range Rover, a Ducati motorcycle, and other confiscated items.
It is important to note that the fraudulent PPP loans were a part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act. Designed to assist millions of Americans struggling with the economic consequences of the pandemic, this legislation has unfortunately been misused by individuals like Marnell for personal gain.
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