Man Arrested For Using $9 Million In PPP Funds For Gambling, Stock Trading

• Andrew Marnell has been arrested for allegedly defrauding $9 million in COVID-19 relief funds and using it for gambling and stock trading.
• There is evidence of brokerage accounts with over $2 million of losses in the last month and security footage of Marnell at the casino where it is reported he lost over $100,000.
• If convicted of the charges, he could serve up to a 30-year sentence.

LOS ANGELES - An arrest has been made on a Los Angeles man, Andrew Marnell, for allegedly illegally obtaining $9 million in coronavirus relief money and using the money to gamble in Las Vegas.

Through the CARES program, Marnell allegedly falsified the application to receive the $9 million. The federal funds given through the program were to help those suffering from job loss and financial struggles due to unemployment put on by coronavirus shutdowns.

Authorities have reported dealing with tens and thousands of fraud attempts and scams to misappropriate these federal funds.

Marnell used the Paycheck Protection Program money to create accounts to make risky stock trades and indulged in multiple legal gambling sprees.

The criminal complaint also outlines evidence that showed losses of more than $2,770,000 in a brokerage account set up by Marnell. Setting up the brokerage accounts for stock trading, using aliases, and submitting altered documents is how he defrauded the federal PPP funds.

He then, took the rest of the money to gamble in casinos on the Las Vegas Strip according to the affidavit explained in the release.

The US Dept of Justice has released security camera footage of Marnell gambling at slots and tables in the Bellagio Hotel and Casino. It has been reported that he lost more than $150, 000 at that casino between the dates of July 9 and 11.

The 40-year-old Los Angeles resident has since been arrested without bail for federal charges of bank fraud. If convicted he will face up to 30 years in prison.