Investment adviser sent to prison; forfeits nearly $3M

SARASOTA — Sarasota investment adviser Steven Zoernack was sentenced to five years in federal prison for conspiring to commit wire fraud.

According to a statement from the Tampa office of acting U.S. Attorney W. Stephen Muldrow, Zoernack was ordered to forfeit about $2.89 million in “ill-gotten gains” and to make restitution to victims in the amount of about $3.44 million. He pleaded guilty March 31.

The press release says he owned and operated investment advisory firm EquityStar Capital Management LLC and that he formed and managed multiple hedge funds through the firm.