The news is out: [A couple who lied about their business in order to score a $7.2 million in late May used the funds to buy a $3.5 million, seven-bedroom house, several expensive cars and paid off a loan to a relative, according the federal government.
Don Cisternino and his partner, Lori Quasky, allegedly claimed their company, MagnifiCo, had an average monthly payroll of $2.9 million, 108 employees at exactly $85,000 a year each, according to the Orlando Sentinel.
But the couple slipped up by claiming that every employee had the same amount of taxes taken out of their paychecks, despite that number being affected by marital status and the number of dependents.
MagnifiCo’s profit and loss statements also “contained basic math errors,” the federal filing against Cisternino and Quasky claims.
Of the $7.2 million the couple received from the Paycheck Protection Program, more than $3 million of it went to a mansion in Seminole County, $89,000 was spent on a Lincoln Navigator, $251,000 check to a Mercedes-Benz dealership in Sarasota, $48,000 to pay off Cisternino’s Maserati and $7,000 finished payments on Quasky’s Nissan, according to the filing.]
They still received the loan; and now, the money is long gone.