Rapper Maurice “Mo” Fayne, who appeared Love & Hip Hop: Atlanta when he was engaged to cast member Karlie Redd in 2018, he was sentenced to 17 and a half years behind bars for crimes, including the misuse of millions of dollars in PPP loans.
Fayne, 38, who lives in Dacula, Georgia, was arrested in May 2020 on charges of making false statements about his loan application from the Wage Protection Program, which aimed to stabilize the economy during the COVID. 19 pandemic, as well as bank fraud and conspiracy and bank fraud related to a Ponzi scheme. Fayne pleaded guilty – TMZ reported who did so after closing a deal with prosecutors to avoid even more time, and was convicted in May 2021.
Officials said Fayne, in April 2020, had applied for $ 3.7 million through United Community Bank for his corporation, Flame Trucking. This money was supposed to be used to pay your employees, mortgages or other costs related to your business.
Instead, Fayne spent it on personal expenses: $ 85,000 in jewelry, $ 40,000 in child support, $ 136,000 in a Rolls-Royce lease, $ 65,000 in cash, $ 50,000 in cash that owed in another legal case and $ 907,000 to start a new business.
Fayne paid an additional $ 230,000 to the people who helped him run a Ponzi scheme. According to the Justice Department, he had run the scheme from March 2013 to May 2020, taking money from people who intended to invest in his business and using it to “pay off their personal debts and expenses and to finance an extravagant lifestyle for himself ”.
In addition to time in federal prison, U.S. District Judge Mark H. Cohen ordered Fayne to serve five years of supervised release and pay $ 4,465,865.55 to his victims in several states.