Man charged with gambling some of millions in ill-gotten PPP funds in Vegas and on stocks
Los Angeles — A California man was arrested and ordered held without bond Thursday on federal charges of fraudulently obtaining some $9 million in coronavirus relief funds and using some of the money to gamble in Las Vegas.
Andrew Marnell, 40, a resident of the Beverly Grove neighborhood of Los Angeles, was accused of submitting a number of fraudulent loan applications in relation to the coronavirus pandemic and obtaining millions in Paycheck Protection Program (PPP) funds.
Prosecutors say he used some of the money to make risky stock market trades and squandered hundreds of thousands of dollars at the Bellagio Hotel and Casino and other gambling establishments in Las Vegas as recently as last weekend.
The PPP loans were part of the unprecedented $2.2 trillion CARES Act, which provided aid for millions of Americans suffering the economic effects of the pandemic.
Authorities said Marnell, who was due back in court next Tuesday, faces up to 30 years in prison on the bank fraud charge.