A Florida man is facing charges for allegedly using $7.2 million in COVID-19 relief money to buy a mansion and other items, according to WKMG.
Prosecutors claim Don Cisternino of Brandenton is accused of using the funds from the Paycheck Protection Program (PPP) to buy a Maserati, a $89,000 Lincoln Navigator, a $251,000 Mercedes-Benz and a $3.1 million home in Chuluota. The program was under the federal CARES Act, established to help small businesses struggling during the COVID-19 pandemic.
Records show MagnifiCo, a consulting business Cisternino established in 2014, had few to no employees. He allegedly applied for PPP loans and said "MagnifiCo had 441 employees with an average monthly payroll of $2.88 million," according to reporters.
The Small Business Administration issued $7.2 million in PPP funds to the company after the application was processed, records say.
Cisternino was indicted on two counts of wire fraud, three counts of aggravated identity theft and three counts of illegal monetary transaction.
There have been other accusations of people misusing COVID-19 relief funds during the pandemic in Florida. A rapper from the group Pretty Ricky was accused of buying a Ferrari with PPP loan money. A Broward County coach allegedly received $1 million on top of unemployment benefits. Officials accused another Florida man of lying on PPP applications to get $2 million.
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