NEW YORK (PIX11) — A Lengthy Island physician was sentenced to 51 months in jail Friday after he fraudulently obtained greater than $3 million in COVID emergency loans, officers mentioned.
Dr. Konstantinos Zarkadas used the cash to purchase a $1.7 million yacht, lease luxurious cars and get Rolex and Cartier wristwatches, in keeping with U.S. Legal professional’s Workplace for the Japanese District of New York. He pleaded responsible in November 2021 to catastrophe reduction fraud and wire fraud in connection along with his receipt of small enterprise loans underneath the Paycheck Safety Program and Financial Harm Catastrophe Mortgage Program.
“At the moment’s sentence demonstrates there are penalties for many who deal with important authorities applications as money give-a-ways and shamefully search to revenue from an unprecedented public well being disaster,” United States Legal professional Breon Peace mentioned. “This Workplace will vigorously prosecute and convey to justice medical professionals just like the defendant and different fraudsters who’re pushed by greed to keep up a lavish life-style on the expense of small companies in reputable want of COVID-19 emergency help.”
Zarkadas, 48, fraudulently utilized for and acquired a minimum of 11 loans between march and July of 2020, officers mentioned. He then laundered the cash and used it for “extravagant private purchases.”