The New York Daily News reports:
A couple who lied about their business in order to score a $7.2 million PPP loan in late May used the funds to buy a $3.5 million, seven-bedroom house, and several expensive cars, 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.
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.
The Orlando Sentinel reports:
The couple lived together in a luxury apartment in Manatee County until they stopped paying rent and were threatened with eviction in August 2019. After the pandemic hit in the spring, Cisternino applied for a PPP loan, claiming MagnifiCo had an average monthly payroll of $2.9 million.
He was approved for $7.2 million in late May and then transferred the money into his Capital One account that previously held a balance of $89.44, the filing said. More than $3 million of it went to a mansion, $89,000 was spent on a Lincoln Navigator, $251,000 check to a Mercedes-Benz dealership, and $48,000 to pay off Cisternino’s Maserati.
More Trumpian vetting, courtesy of Steve Mnuchin.