Florida Man Uses COVID Loan To Buy $5M Mansion, Gets 8 Years
Most of us can agree that 2020 sucked. We wore face masks nonstop, we obsessed over hand sanitizer and we wondered how we were ever gonna financially recover from not working for a full year. But some people did pretty well during the pandemic. Take the case of Don Cisternino, a 47-year-old Seminole County businessman who secured $7.2 million dollars in PPP funds (Paycheck Protection Program) to keep his company operational. The payments were designed to help employers make it through a hellish 2020 by making sure their payrolls and bills got paid on time. The program helped countless companies keep their businesses afloat in unsure times. But that’s not what happened.
Authorities say Cisternino used his fraudulently acquired millions to buy several luxury cars and an almost $5 million dollar mansion located in Seminole County. Court documents showed that Cisternino filed for and received $7.2 million dollars in May of 2020. He claimed that his company employed 441 people and his payroll was almost $3 million dollars in 2019. That was not true. In fact, Cisternino was the only employee at his company. Cisternino was convicted of using false information when he submitted tax information about people who had never worked for him.
Once the loan was approved by the federal government, records show that Cistrernino bought a Maserati and a Mercedes-Benz. But that’s not the whole story. He also bought a 12-acre estate with a 12,579 square foot mansion. That home is currently for sale for $4.9 million dollars. The special agent in charge, Ronald Loecker from the IRS, says this case should “serve as a warning for those who may have engaged in similar fraudulent activity”. He went on to say that the IRS will continue to investigate and prosecute fraudulently acquired PPP fund cases. Cisternino was ordered to forfeit over a million dollars that was seized from various bank accounts. He was also ordered to return the $7.2 million dollars that he obtained from the scheme. He was even ordered to pay $7.44 million dollars to the Small Business administration as restitution. Cisternino was sentenced to 8 1/2 years in federal prison on charges of wire fraud, aggravated identity theft and illegal monetary transaction. Source: WFLA.com
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