Love & Hip Hop Atlanta "star" Arkansas Mo charged in PPP fraud by federal prosecutors

[re'up]

Feds: ‘Love & Hip Hop’ star spent emergency business loan on jewelry, Rolls Royce

Reality TV personality charged with bank fraud

Within days, however, Fayne allegedly spent more than $1.5 million of the loan, including $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet and a 5.73 carat diamond ring for himself, prosecutors said. He’s also accused of leasing a 2019 Rolls Royce and making $40,000 in child support payments.

On May 11, 2020, agents executed a search at Fayne’s residence in Dacula and seized approximately $80,000 in cash, including $9,400 that Fayne had in his pockets, and the jewelry he purchased with the PPP funds. Agents also executed seizure warrants for three bank accounts that Fayne owned or controlled and seized approximately $503,000 in PPP funds.

 

[Hiphoplives4eva]

The negro just literally got the money and the feds immediately began investigating. Dude is dumb for immediately buying luxury items but the feds are hella overzealous

 

[re'up]

With the amount of scrutiny the entire program received, it's not a surprise. Does he even have a trucking business? Did any of the employees receive paychecks? These kind of things aren't hard to trace. I don't know how the case started though.

 

[King Sun]

This dude had 2 million and the first thing you do is buy a rolex and chains? That ATL lifestyle is serious.

 

[Piff Perkins]

 

[re'up]

"According to U.S. Attorney Pak, the charges, and other information presented in court: Maurice Fayne is the sole owner of a Georgia corporation called Flame Trucking. On April 15, 2020, Fayne signed and submitted to United Community Bank (“UCB”) a PPP loan application in the name of Flame Trucking stating that the business had 107 employees and an average monthly payroll of $1,490,200. In seeking a loan in the amount of $3,725,500, Fayne certified that the loan proceeds would be used to “retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule.”

UCB ultimately funded the loan for $2,045,800. Within days, Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, and a 5.73 carat diamond ring for himself, to lease a 2019 Rolls Royce Wraith, to make loan payments, and to pay $40,000 for child support. Such payments are not an authorized use of PPP funds under the CARES Act.

On May 6, 2020, Fayne was interviewed by federal agents and admitted that he submitted a PPP loan application on behalf of Flame Trucking. Fayne claimed that he used all of the PPP loan proceeds to pay payroll and other business expenses incurred by Flame Trucking and denied using any of the PPP loan proceeds to pay his personal debts and expenses.

On May 11, 2020, agents executed a search at Fayne’s residence in Dacula and seized approximately $80,000 in cash, including $9,400 that Fayne had in his pockets, and the jewelry he purchased with the PPP funds. Agents also executed seizure warrants for three bank accounts that Fayne owned or controlled and seized approximately $503,000 in PPP funds."

 

[North of Death]

He paid off 40k in back pay for child support

 

[num123]

The negro just literally got the money and the feds immediately began investigating. Dude is dumb for immediately buying luxury items but the feds are hella overzealous

That loan had very specific rules on how the money was supposed to be spent, and buying jewelry and paying off child support are not on that list. Also how fast you are going through that much money in days probably set off some flags too.

 

[Ghetto Denizen]

"On May 11, 2020, agents executed a search at Fayne’s residence in Dacula and seized approximately $80,000 in cash, including $9,400 that Fayne had in his pockets."

Feds aint taking no losses!!!

 

[re'up]

Feds aint taking no losses!!!

Right! I don't know if they caught him leaving the house already, but being inside your residence with 10 cash on you is kind wild!

I also read too fast at first, and thought he was from Dracula, earlier today, I can't be the only one.

 

[eastside313]

This is why i told no lies on my eidl applications.

 

[kingjones29]

All these reality stars going broke during this crisis no clubs event to make money

 

[iLLusoYuN_Da_Adidas_King]

SOMEBODY SNIIIIIITCHED.

 

[Escobar305]

Who

 

[FS4LFE]

Times like this really showing you which celebs are really rich/wealthy.