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Wow! Talk about the price paid for rapid emergence. A California man is facing severe imprisonment for allegedly defrauding nearly $9 million from the COVID-19 relief program. According to the Department of Justice, Andrew Marnell from Los Angeles Recently pleaded guilty Two federal fees for the program.
“The Department of Justice will use all available federal tools-including criminal, civil, and administrative actions-to combat and prevent fraud related to COVID-19,” Attorney General Merrick Garland (Merrick Garland) Written in the May 2021 memo On the COVID-19 Fraud Enforcement Task Force.
Unlike viral memes, Andrew’s PPP-funded wealth has come to an end. According to court documents, the 41-year-old man told the police that he fraudulently collected coins from seven wage protection program (PPP) loans. In order to qualify, Andrew submitted applications for “false and misleading statements” about the business operations and salary expenditures of several companies.
Andrew used aliases and forged and tampered documents to fly under suspected radar. Paperwork records include “false federal tax returns and employee payroll records.”
According to reports, after he obtained the loan, he transferred millions of dollars into his brokerage account to “make risky stock market bets.” Not only that, Andrew also spent thousands of dollars on “gambling venues.”
According to Newsweek, the U.S. Small Business Administration Responsible for establishing The PPP was implemented in March 2020 through the Coronavirus Assistance, Relief and Economic Security Act (CARES). Their goal is to help companies, non-profit organizations, and sole proprietorships with 500 employees or less whose financial needs have escalated due to the pandemic.
Apart from PPP loan, The CARES Act also grants funding through the Economic Injury Disaster Loan Program (EIDL). Andrew did not give up the extra opportunity to cash out. According to reports, he also received an EIDL loan of US$170,000.
Nevertheless, Andrew’s plan reached a plea agreement. He declared himself guilty of one count of bank fraud and one count of “engaging in currency transactions involving criminal proceeds.” The first charge is a heavy blow, which means it carries a “30-year statutory maximum fine.” At the same time, the second allegation “imposes a 10-year statutory fine.” Andrew’s sentence was decided on February 14, 2022.
According to his plea agreement, Andrew agreed to confiscate all the good things he collected using PPP funds. The list includes “US$1.54 million seized from several brokerage accounts, US$319,298 in cash recovered from his residence, a large number of electronic equipment, Rolex Oyster watches, Land Rover Range Rover and Ducati motorcycles.”
Attorney General Garland wrote: “We look forward to working with our colleagues in the federal government to bring to justice those who try to profit illegally from the pandemic.”
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