Federal officials say Dr. Konstantinos Zarkadas fraudulently obtained more than $3 million in COVID emergency loans, using the money to buy a $1.7M yacht, lease luxury automobiles and buy luxury wristwatches.
"It’s a shame to see rampant abuse of programs designed to help ordinary people struggling through the pandemic. Dr. Zarkadas chose greed over honesty by financing a luxury lifestyle on the backs of America’s taxpayers," stated IRS-CI Special Agent-in-Charge Fattorusso.
Zarkadas fraudulently applied for and received at least 11 loans between March and July 2020, laundering the money through various bank accounts and using the funds for extravagant personal purchases. "Today’s sentence demonstrates there are consequences for those who treat vital government programs as cash give-a-ways and shamefully seek to profit from an unprecedented public health crisis," stated United States Attorney Breon Peace.
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