Rapper Maurice “Mo” Fayne, who appears Love & Hip Hop: Atlanta when he was hired for member Karlie Redd in 2018, was sentenced to 17 and a half years behind bars for crimes including misappropriation of millions of dollars in PPP loans.
The 38-year-old Fayne, who lives in Dacula, Ga., Was May 2020 arrested on charges of making false statements about his application for a loan from the Paycheck Protection Program — which was intended to stabilize the economy during the COVID-19 pandemic — as well as bank fraud and conspiracy and wire fraud in connection with a Ponzi scheme. Fayne pleaded guilty – TMZ message that he did so after concluding a deal with prosecutors to avoid even more time – and he was sentenced in May 2021.
Officials said that in April 2020, Fayne requested $ 3.7 million from the United Community Bank for its corporation, Flame Trucking. They money should be used to pay its employees, mortgages or other expenses related to its business.
Instead, Fayne spent it on personal expenses: $ 85,000 for jewelry, $ 40,000 for past childcare, $ 136,000 for renting a Rolls-Royce, $ 65,000 in cash, $ 50,000 for money he owed in another legal case. was in $ 907,000 for a newly started business.
Fayne paid an additional $ 230,000 to help him run a Ponzi scheme. According to the Ministry of Justice, he ran the scheme from March 2013 to May 2020, taking money from people who wanted to invest in his business and using it to “pay off his personal debts and expenses and lead an extravagant lifestyle to finance himself.”
In addition to his time in federal prison, U.S. District Judge Mark H. Cohen ordered Fayne to five years supervised release and payment of $ 4,465,865.55 to his victims in many states.