‘Greed over honesty’: New York doctor stole $3.7 million in COVID-19 relief money to buy yacht, luxury cars and Rolex watches, prosecutors say

By Lukas I. Alpert

Konstantinos Zarkadas admitted submitting 11 phony functions for support and utilizing the cash to finance what prosecutors mentioned was a ‘luxurious life-style.’

This is a prescription for a stint in jail.

A Lengthy Island physician has pleaded responsible to stealing $3.7 million in COVID-19 aid support and utilizing the money to purchase a luxurious yacht and quite a few Rolex and Cartier watches.

Konstantinos Zarkadas, a 48-year-old internist from Glen Cove, N.Y. admitted he filed 11 functions for catastrophe aid between March and July 2020 for company entities he managed, however then used the taxpayer cash to bankroll his lavish life-style.

In keeping with court docket paperwork, Zarkadas took practically $200,000 in Paycheck Safety Program loans to make use of as a down cost for a $1.75 million yacht. To cover what he was doing, prosecutors say Zarkadas wrote a test for the cost to a relative with the memo line stating it was “compensation for payroll.”

Zarkadas was additionally accused of utilizing tens of hundreds of {dollars} to lease luxurious vehicles and purchase a number of Rolex and Cartier watches.

Prosecutors say he additionally used among the cash to assist pay practically $1 million in prior authorized judgments he had in opposition to him. Zarkadas was accused of shuttling the cash between quite a few financial institution accounts to obscure the supply of the funds.

“Dr. Zarkadas selected greed over honesty by financing a luxurious life-style on the backs of America’s taxpayers,” mentioned Thomas Fattorusso, a prison investigator with the Inner Income Service.

Numbers listed for Zarkadas had been disconnected and no legal professional was listed for him in court docket data.

Zarkadas faces as much as 30 years in jail when he’s sentenced and should forfeit $3.8 million, prosecutors mentioned.

-Lukas I. Alpert

 

(END) Dow Jones Newswires

11-21-21 0938ET

Copyright (c) 2021 Dow Jones & Firm, Inc.

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