Some unscrupulous people are truly prepared to do anything to be able to gamble at the casino. To achieve this, they are even capable of extorting colossal sums of money. This is what we have just seen once again with the sad story of a Los Angeles resident in his forties. On Thursday, July 16, a certain Andrew Marnell was in fact accused by federal prosecutors of bank fraud .
He allegedly did not hesitate to divert no less than $8.5 million in Wage Protection Program loans to gamble at the Bellagio and other hotel-casinos in Las Vegas, Nevada.
Fraudulent statements and false documents
To carry out this extortion, the man allegedly submitted various Paycheck Protection Program loan applications to several financial institutions using the names of various companies. He also filed numerous fraudulent statements and even used forged documents, including false federal tax returns and employee payroll records.
An aid program for businesses weakened by the health crisis
The so-called Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It has already provided a whopping $649 billion to many struggling companies. This money will help them pay salaries, mortgage interest, rent, and utilities.
Several companies working in the gaming industry, which has been particularly hard hit during this health crisis, have legitimately been able to benefit from this aid program.
An extorted sum that could be even greater
In total, Andrew Marnell is said to have managed to rake in at least $8.5 million. However, during the hearing on Thursday, July 16, attorneys for the district attorney’s office estimated that this amount could increase as the investigation progresses. Once he had all this money in his pocket, our man allegedly transferred some of it to a brokerage account to make risky stock market bets.
He also allegedly used another portion of this enormous sum to gamble hundreds of thousands of dollars in Las Vegas casinos. Andrew Marnell is already known to have spent money at the Bellagio. However, he also allegedly gambled at other gambling resorts in the Nevada city, although these have not yet been officially named.
Up to 30 years in prison
Currently, various government agencies are still investigating the entire case. The Federal Housing Finance Agency, the FBI, the Federal Deposit Insurance Corporation, the IRS Criminal Investigation, the Treasury Inspector General for Tax Administration, and the Small Business Administration Office of Inspector General are working on the case. They are also being assisted by the California Bureau of Gambling Control . If Andrew Marnell is ultimately convicted, he could face up to 30 years in prison.
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