There was no way he thought the government wouldn’t notice him using $2 million not on Payroll but himself?
Then again, you can’t be that smart if you are on Love and Hip-Hop.
A Love & Hip Hop: Atlanta cast member has been arrested on federal bank fraud charges in connection to a loan he obtained during the coronavirus pandemic that was supposed to help his employees.
Maurice Fayne, aka “Arkansas Mo”, 37, of Dacula, was in court Wednesday.
Prosecutors say he stole money loaned through a Paycheck Protection Program (PPP) that was meant to assist hard-hit employees and businesses and used it to buy jewelry and other personal items.
Fayne is the sole owner of a Georgia corporation called Flame Trucking. Documents said he applied for a loan for $3,735,500 that he said would be used to retain workers and maintain payroll and well as make mortgage and utility payments.
The bank ultimately gave him a loan for more than $2 million.
“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, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support,” Prosecutors said. “Such payments are not an authorized use of PPP funds under the CARES Act.”
The FBI is involved now and he could be going to jail for up to 20 years.
Mr. Mo has denied all charges against him.
Flip the pages for him on Love and Hip-Hop and his wife Karlie Redd.