A hedge fund manager charged with 33 counts of grand larceny and fraud for allegedly stealing millions of dollars in COVID-19 Paycheck Protection Program loans was ordered held on $500,000 bail at his Manhattan Supreme Court arraignment Wednesday.

Gregory Blotnick, 33, allegedly ripped off $4.6 million from the PPP program by filing multiple fraudulent loan applications for his New York groups, Brattle Street Capital LLC and BSC Management LLC over a one year period, state prosecutors said.

He’s accused of lying about the number of employees at his companies and claiming he needed the funds to cover payroll. Instead, he transferred the money to a brokerage account — and lost millions in the stock market, prosecutors alleged.

Blotnick, a resident of West Palm Beach, Florida, pleaded not guilty Wednesday, and was held on $500,000 cash bail, which his lawyers claim he cannot afford.

Prosecutors argued for a larger bail,…

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