Huh! Talk about paying the price of monetization with a quick come-up. A California man is facing a serious period behind a bar allegedly fraudulently fraudulently from the COVID-19 relief program for nearly $ 9 million.According to the Justice Department, Andrew Marnell of Los Angeles Recently pleaded guilty To the two federal rates of the scheme.
“The Department of Justice will use all available federal tools, including criminal, civil and administrative measures, to combat and prevent COVID-19-related fraud,” said Attorney General Merrick Garland. .. I wrote in the memo of May 2021 About the COVID-19 Fraud Execution Task Force.
Unlike viral memes, Andrew’s PPP-funded wealth carried out that course. A 41-year-old boy told police that he had illegally collected coins from seven Payroll Protection Program (PPP) loans, according to court documents. To qualify, Andrew submitted an application featuring “false misleading statements” about the business operations and salary costs of some companies.
Andrew flew under the alleged radar using aliases and fake or tampered documents. The paperwork trial includes “fake federal tax returns and employee salary records.”
After securing the loan, he reportedly sent millions to his securities account “to make a risky stock market bet.” Not only that, Andrew blew thousands of dollars at the “gambling facility.”
According to Newsweek, the Small Business Agency Responsible for establishing PPP in March 2020 under the Coronavirus Support, Relief and Economic Security Act (CARES). Their goal was to support companies with less than 500 employees, nonprofits and sole proprietors with economic needs escalated by a pandemic.
In addition to PPP loanThe CARES Act also awarded money through the Economic Injury and Disaster Loan Program (EIDL). Andrew did not miss an additional opportunity to cash out. He also reportedly obtained $ 170,000 in an EIDL loan.
Still, Andrew’s plans led to a judicial deal. He was found guilty of one bank fraud and one “engaged in a monetary transaction with criminal proceeds.” The first claim is a heavy hitter, which means that there is a “30 year legal maximum penalty”. On the other hand, the second claim will be “imposed with a maximum statutory penalty of 10 years.” Andrew’s decision is scheduled for February 14, 2022.
Andrew has agreed to confiscate all the goods collected using PPP money in his judicial transaction. The list includes “$ 1.54 million seized from several securities accounts, $ 319,298 in cash collected from his residence, numerous electronics, Rolex Oyster watches, Range Rover, Ducati motorcycles”. increase.
“We look forward to working with our federal colleagues to bring people who are trying to illegally benefit from a pandemic to trial,” wrote Attorney General Garland.
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A man facing up to 40 years in prison after fraudulent $ 9 million in a Covid-19 bailout loan
Source link A man facing up to 40 years in prison after fraudulent $ 9 million in a Covid-19 bailout loan