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Florida man uses $7.2M from PPP to buy mansion, Maserati and more, feds say

Don Cisternino was indicted on two counts of wire fraud, aggravated identity theft, illegal monetary transaction

Investigators say that $7.2 million that was supposed to be for coronavirus business relief instead funded a man's purchase of a Central Florida mansion, a Maserati and other luxury vehicles.

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.

Records show after the application the Small Business Administration issued $7.2 million in PPP funds to MagnifiCo.