Long Island doctor bought $1.7M yacht in COVID loan fraud scam

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FILE – Generic gavel on wooden table.

A doctor from Long Island was sentenced to 51 months in prison on Friday for fraudulently obtaining $3.8M in pandemic relief loans and grants.

According to the Office of the U.S. Attorney for the Eastern District of New York, Dr. Konstantinos Zarkadas, a Glen Cove-based physician, was ordered to pay roughly $3.5M in restitution during his sentencing. 

In November 2021, he pled guilty to disaster relief fraud and wire fraud in connection with his receipt of small business loans under the Paycheck Protection Program and Economic Injury Disaster Loan Program. 

Zarkadas used the money to buy a $1.7M yacht, luxury wristwatches, and lease luxury automobiles. 

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