Former Love & Hip Hop: Atlanta star Maurice Fayne also known as Arkansas Mo, is in trouble for obtaining $2.2 million PPP Pandemic loan.
According to The Hollywood Reporter, Fayne is being charged with federal bank fraud by the U.S. Department of Justice.
Per the outlet, Fayne acquired a Paycheck Protection Program (PPP) loan under a trucking company alias.
However, Fayne used the fund to purchase things for himself.
Fayne, 37, used the name ‘Flame Trucking’ to obtain the PPP loan from a Corporation in Georgia.
However, after getting a hold of the money, he blew $1.5 million on jewelry such as a Rolex Presidential Watch, a diamond bracelet, and a 5.73-carat diamond ring all for himself, the news source reports. He also spent $40,000 in child support.
Fayne is in trouble because the PPP program is allotted for employees and small businesses hit hard due to the coronavirus pandemic.
“The defendant allegedly stole money meant to assist hard-hit employees and businesses during these difficult times and instead greedily used the money to bankroll his lavish purchases of jewelry and other personal items,” Assistant Attorney General Brian A. Benczkowski said in an official press release. “The department will remain steadfast in our efforts to root out and prosecute frauds against the Paycheck Protection Program.”
Fayne, who made his initial court appearance on Wednesday, has denied all allegations when interviewed by federal agents.
However, after a home-search, authorities seized about $80,000 in cash, which included $9,400 found in his pockets.
Authorities also found the jewelry Fayne purchased with his PPP fund, the United States Department of Justice (DOJ) reports.
Not only did authorities find money and jewels, but they also came across a 2019 Rolls-Royce Wraith, which upon further investigation they discovered still had a temporary dealer tag on it.
Finally, authorities reportedly came across approximately $503,000 in remaining PPP loan funds from three different bank accounts, Fayne “owned or controlled.”
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
