This is a prescription for jail time.
A Long Island doctor has pleaded guilty to stealing $3.7 million in COVID-19 relief funds and using the cash to buy a luxury yacht and multiple Rolex and Cartier watches.
Konstantinos Zarkadas, a 48-year-old resident physician from Glen Cove, NY, admitted he filed 11 disaster relief applications between March and July 2020 for companies he controls, but then later filed for disaster relief. use taxpayer money to pay for his lavish lifestyle.
According to court documents, Zarkadas received nearly $200,000 in a Paycheck Protection Program loan to use as a down payment on a $1.75 million yacht. To conceal what he was doing, prosecutors say that Zarkadas wrote a check to a relative with a memo saying it was “payroll reimbursement.”
Zarkadas is also accused of using tens of thousands of dollars to rent luxury cars and buy multiple Rolex and Cartier watches.
Prosecutors say he also used some of the money to help pay for nearly $1 million in previous legal convictions he had brought against him. Zarkadas is accused of transferring money between multiple bank accounts to conceal the source of the funds.
“NS. Thomas Fattorusso, a crime investigator with the Internal Revenue Service, said the Zarkadas chose greed over honesty by funding a lavish lifestyle that relies on American taxpayers.
The numbers listed for Zarkadas have been disconnected and no attorneys are listed for him in court records.
Prosecutors said Zarkadas faced 30 years in prison when convicted and would have to pay back $3.8 million.
https://www.marketwatch.com/story/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-11636990298?rss=1&siteid=rss | ‘Greed over honesty’: New York doctor stole $3.7 million in COVID-19 relief money to buy yachts, luxury cars and Rolex watches, prosecutors say