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Posted on 02/06/2021 5:38:25 PM PST by simpson96
SEMINOLE COUNTY, Fla. – A Bradenton man is accused of using $7.2 million from Paycheck Protection Program funds to buy a Central Florida mansion and three luxury cars, according to court records.
As reported by WKMG, Don Cisternino was indicted on two counts of wire fraud, three counts of aggravated identity theft and three counts of illegal monetary transaction.
Records show Cisternino applied for a Paycheck Protection Program loan established as part of the federal CARES Act relief bill.
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.
Records show Cisternino established MagnifiCo in 2014. MagnifiCo was listed as a consulting company with few or no employees.
Cisternino is accused of saying MagnifiCo had 441 employees with an average monthly payroll of $2.88 million.
(Excerpt) Read more at wsls.com ...
Florida man trying to get upscale.
Go big or go home!
Which bank gave him those funds?
If he’s classified that as his homestead, good luck getting him out under Florida’s Condtitution.
So he put most of his money into depreciating assets.
He’s gonna need staff to take care of that place. Vacuuming the floors and keeping the windows clean will be a full-time job for somebody.
They were splashing so much money around, they basically just rubber-stamped the PPP loan applications. But did this guy have a business? You are supposed to supply payroll records as part of the application. Maybe he forged those? Doesn’t seem they charged him with bank fraud. Maybe “illegal monetary transaction” covers that?
Aren’t the democrats looking for dudes like this?
Why in the world would someone want that?
What, no hot tub? Who built that place?!?
Don Cisternino? Is he the head of a family or just a capo?
Asking for Mario Puzo.
Sorry I guess I should’ve read more than the first sentence :-(
Don’t you play tennis?
The politicians in D.C. see this and wink and nod, smirking about a couple million and how the little peon got squashed like a little rodent trying to be one of the big guys.
Does it have a movie theater though? That’s the question.
4K video, reclining leather seats, popcorn flown in daily from the popcorn capital of the world (wherever that is), beverage service, mid-movie foot massages, all the bells and whistles.
I suspect as a broke scumbag in prison he'll have a hard time paying the taxes owed on a 3 million dollar property and the government will relieve him of the burden.
The bank is partly responsible. You did have to supply payroll records along with the names of your employees. People should go to jail over things like this. There are tons of small businesses who couldn’t get these loans. It breaks my heart that people who invested their whole lives in their businesses have lost everything while jerks like this wasted the money not meant for them.
'Better look fast.
The number of Seminole County people is less than the number of Seminole County's alligators.
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