Florida man used millions in PPP funds to buy mansion, 3 luxury cars, feds say

“Florida guy” moves once more.

Don Cisternino of Bradenton, Florida, changed into indicted this week in federal courtroom after being accused of spending $7.2 million of funds from the Paycheck safety program to buy a seven-bed room mansion and three luxurious vehicles.

Cisternino turned into indicted on counts of wire fraud, three counts of aggravated identity robbery and three counts of illegal monetary transaction, in keeping with a document from WKMG.

 

In July, Cisternino and his girlfriend, Lori Quasky, bought the Chuluota, Florida, mansion after he turned into investigated for using faux data to get a mortgage for his commercial enterprise, referred to as MagnifiCo, Inc., the Orlando Sentinel said.

 

Records display Cisternino hooked up MagnifiCo in 2014. MagnifiCo become indexed as a consulting corporation with few or no employees and had no internet site.

Cisternino is accused of pronouncing the agency had 441 employees with an average monthly payroll of $2.88 million, WKMG stated

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Consistent with his IMDB profile, “Don Victor Cisternino is the founder and most important of MagnifiCo, Inc., a organisation that provides control, consulting, advertising, public family members, and other offerings across an expansion of sectors inclusive of arts & leisure.”

Statistics display he implemented for the PPP loan mounted as part of the federal CARES Act remedy bill. PPP loans, in step with NerdWallet, are meant to assist small businesses with payroll and running costs along with lease and utilities in the course of the coronavirus disaster.

Prosecutors said Cisternino is accused of the usage of the money to shop for a Maserati, a $89,000 Lincoln Navigator, a $251,000 Mercedes-Benz and a $3.1 million home in Chuluota, an Orlando suburb, WKMG suggested.

The Zillow listing for the mansion boasts a “bunk room” with 4 bunkbeds for sleepovers, a non-public library with spiral staircase, a fitness center and tennis courts, the big apple every day information said.

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