LI Doctor Bought $1.7M Yacht With Fraudulently Obtained COVID Loan

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NEW YORK (PIX11) – A Long Island doctor was sentenced to 51 months in prison on Friday after he fraudulently obtained more than $3 million in COVID emergency loans, officials said.

Dr Konstantinos Zarkadas used the money to buy a $1.7 million yacht, rent luxury automobiles and get Rolex and Cartier wristwatches, according to the U.S. Attorney’s Office for the Eastern District of New York. He pleaded guilty in November 2021 to disaster relief fraud and wire fraud in connection with his receipt of small business loans under the Paycheck Protection Program and the Economic Disaster Loan Program.

“Today’s sentencing demonstrates that there are consequences for those who treat vital government programs like cash gifts and shamefully seek to profit from an unprecedented public health crisis,” the U.S. attorney said. Breon Peace. “This office will vigorously prosecute and bring to justice medical professionals like the defendant and other fraudsters who are driven by greed to maintain lavish lifestyles at the expense of small businesses who rightfully need medical help. COVID-19 emergency.”

Zarkadas, 48, fraudulently applied for and received at least 11 loans between March and July 2020, officials said. He then laundered the money and used it to “eextravagant personal purchases.

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