Florida man used millions in PPP funds to buy mansion, 3 luxury cars, feds say
"Florida man" strikes again.
Don Cisternino of Bradenton, Florida, was indicted this week in federal court after being accused of spending $7.2 million of funds from the Paycheck Protection Program to purchase a seven-bedroom mansion and three luxury vehicles.
Cisternino was indicted on two counts of wire fraud, three counts of aggravated identity theft and three counts of illegal monetary transaction, according to a report from WKMG.
In July, Cisternino and his girlfriend, Lori Quasky, purchased the Chuluota, Florida, mansion after he was investigated for using fake information to get a loan for his business, known as MagnifiCo Inc., the Orlando Sentinel said.
Records show Cisternino established MagnifiCo in 2014. MagnifiCo was listed as a consulting company with few or no employees and had no website.
Cisternino is accused of saying the company had 441 employees with an average monthly payroll of $2.88 million, WKMG said
According to his IMDB profile, "Don Victor Cisternino is the founder and principal of MagnifiCo, Inc., a company that provides management, consulting, marketing, public relations, and other services across a variety of sectors including arts & entertainment."
Records show he applied for the PPP loan established as part of the federal CARES Act relief bill. PPP loans, according to NerdWallet, are meant to help small businesses with payroll and operating costs such as rent and utilities during the coronavirus crisis.
Prosecutors said Cisternino is accused of using the money to buy a Maserati, a $89,000 Lincoln Navigator, a $251,000 Mercedes-Benz and a $3.1 million home in Chuluota, an Orlando suburb, WKMG reported.
The Zillow listing for the mansion boasts a “bunk room” with four bunkbeds for sleepovers, a private library with spiral staircase, a fitness center and tennis courts, the New York Daily News said.