nydailynews.com 24 Dec, 2020 21:30 am

Florida couple allegedly used PPP loan to buy $3.5M mansion

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.

2 million PPP loan in late May used the funds to buy a $3.“These figures are normally automatically calculated and for the numbers to be correct on most, but incorrect on others, shows the Form W-2 appears to have been engineered to apply for the PPP loan and not generated in the normal course of business.” Don Cisternino and Lori Quasky allegedly obtained a PPP loan of more than $7 million by lying about their company.Don Cisternino and his partner, Lori Quasky, allegedly claimed their company, MagnifiCo, had an average monthly payroll of $2.

4 million debt to a relative and used another $41,000 on lawyers’ fees.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.

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