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.
Zurich Insurance Profit Beats Estimates as CEO Eyes Beazley 
Preparing for an AI Native Future 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
