12/11/2020 - Embargoed to 0001 Friday December 11 File photo dated 30/03/20 of a woman using a laptop. People whose incomes have been hit by the coronavirus pandemic are being urged to watch out for scammers offering them loans to pay for Christmas which require an up-front fee. (Photo by PA Images/Sipa USA) *** US Rights Only ***
Loan scams
CENTRAL ISLIP, N.Y. (AP) — A Long Island doctor has been sentenced to four years and three months in prison for fraudulently getting $3.7 million in pandemic relief loans. Authorities say between March and July 2020, Dr. Konstantinos Zarkadas used false information in applying for at least 11 loans
from the federal government. They say he used the funds for things including leases on luxury cars, expensive watches, and the down payment on a $1.75 million yacht. He pleaded guilty in November and agreed to forfeit four watches and $200,000. The court ordered him to pay $3.5 million in restitution. An email seeking comment was sent to Zarkadas’ attorney.
—Copyright 2022 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
