SEMINOLE COUNTY, Fla. – A Bradenton man is accused of using $7.2 million from Paycheck Protection Program funds to buy a mansion in Chuluota, according to court records.
Don Cisternino was indicted on two counts of wire fraud, three counts of aggravated identity theft and three counts of illegal monetary transaction.
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Records show Cisternino established MagnifiCo in 2014.
MagnifiCo was listed as a consulting company with few or no employees, records show.
Records show Cisternino applied for Paycheck Protection Program loan established as part of the federal CARES Act relief bill.
Cisternino is accused of saying MagnifiCo had 441 employees with an average monthly payroll of $2.88 million.
Records show after the application the Small Business Administration issued $7.2 million in PPP funds to MagnifiCo.
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.