LA man admits fraudulently obtaining $9M in COVID-19 loans
LOS ANGELES – A Los Angeles man pleaded guilty to fraudulently obtaining $9 million in loans from Covid-relief programs, some of which he transferred to his stock trading accounts and used for gambling trips to Las Vegas, federal prosecutors said.
Andrew Marnell pleaded guilty Tuesday to one count of bank fraud and one count of money laundering, the U.S. Attorney’s Office said in a statement.
The 41-year-old faces up to 40 years in prison when he’s sentenced in February.