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.
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.
AdCisternino 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.