A Virginia business owner who spent business loans on personal expenses, including his rock band, will pay more than $4 million in restitution, in addition to serving a 10-year federal prison sentence.
The Virginian-Pilot cites a U.S. Department of Justice release that says 58-year-old Edward Zinner was sentenced Thursday in connection with a fraud scheme.
The release says he operated Ocean Equity, a collection of businesses that engaged in credit card processing and merchant cash advances, through which he provided false representation to obtain more than $4.5 million. He also obtained six business loans worth $3 million that he spent on personal expenses, including gambling and his TGZ Band.
When Zinner closed his business in 2016, he still owed $3.9 million to investors.
He pleaded guilty to money laundering in October.
Information from: The Virginian-Pilot
Was this article valuable?
Here are more articles you may enjoy.
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
Intersecting Risks and the Future of Construction Insurance 
