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.
What Progressive and GEICO Q3 Results Reveal About Auto Insurance Profit, Growth 
Nonstandard Auto Insurers Continue Profit Momentum in 2025: AM Best 
AI Is Writing Performance Reviews. What Could Go Wrong? 
Amazon Sued Over ‘Punitive’ Handling of Employee Absences 
