LA man admits fraudulently obtaining $9M in COVID-19 loans

LOS ANGELES (AP) — A Los Angeles man has 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 say Andrew Marnell pleaded guilty Tuesday to one count of bank fraud and one count of money laundering.  The 41-year-old faces up to 40 years in prison when he’s sentenced in February. Marnell admitted using a series of corporations he controlled to fraudulently obtain loans under the federal Paycheck Protection Program.