Fact TV celebrity and rap artist Maurice “Mo” Fayne has actually been punished to 17.5 years behind bars for running a multi-million Ponzi plan and swiping more than $2 million in COVID-19 alleviation funds– which he then used to money his scam as well as rent a Rolls-Royce.

The “Love & & Hip Jump: Atlanta” star was handed the lengthy government jail sentence after begging guilty to conspiracy theory as well as cord scams costs in May, the United States Attorney’s Workplace.

He was additionally ordered to pay $4,465,865.55 in restitution to targets.

In April 2020, Fayne submitted a $3.7 million Income Protection Program (PPP) financing application to United Community Financial institution– wrongly declaring that he needed the funds to pay the 107 employees of his trucking organization “Fire Trucking,” which was having a hard time throughout the pandemic.

Fayne finished up obtaining a little over $2 million in alleviation funds, which prosecutors claimed he wasted on glitzy jewelry, fast cars, as well as running his multistate Ponzi scheme.

“Fayne intended to make use of the PPP program as a cover for his long-running Ponzi scheme,” claimed Performing US Attorney Kurt R. Erskine. “The funds the program supplies function as a lifeline to numerous services frantically attempting to survive during the pandemic, as well as unfortunately his fraud helped deplete those precious dollars.”

Instead, prosecutors said Fayne spent $85,000 on fashion jewelry for himself, including a Rolex Presidential watch, a ruby bracelet, and also a 5.73 carat ruby ring.

He spent a further $136,000 to lease a Rolls-Royce Wraith, as well as took out $65,000 in cash money.

The rap artist, who goes by the name “Arkansas Mo,” additionally utilized $230,000 of the illegal loan to prop up his Ponzi plan that scammed greater than 20 capitalists in the trucking organization between March 2013 as well as Might 2020, district attorneys said.

The reality TV celebrity then removed his individual financial debts, which consisted of $40,000 for past-due child assistance as well as $50,000 for restitution owed in a previous fraudulence case.

“This sentence ought to serve notice that the FBI as well as our federal partners will certainly examine anyone that misdirects government emergency situation support set aside for companies who need it to survive,” Unique Agent in Fee of FBI Atlanta Chris Hacker said.

“We won’t endure any individual driven by personal greed to pocket American taxpayer money that should be mosting likely to those who need it.”

During the training course of the Ponzi scheme, Fayne invested greater than $5 million at a casino site in Oklahoma, the US attorney’s workplace claimed.

After Fayne lied to government representatives regarding spending the coronavirus alleviation funds on his company, a search of his Georgia residence on Might 11, 2020, uncovered about $80,000 in cash, consisting of $9,400 Fayne had in his pockets.

Representatives additionally performed seizure warrants for three bank accounts that Fayne had or controlled and seized about $503,000 in PPP funds.

“Fayne planned to utilize the PPP program as a cover for his long-running Ponzi system,” Performing United States Attorney Kurt R. Erskine said.

“The funds the program products act as a lifeline to numerous organizations desperately trying to survive throughout the pandemic, as well as sadly his fraudulence assisted diminish those precious bucks.”

Leave a Reply

Your email address will not be published. Required fields are marked *