Maurice Fayne aka Arkansas Mo who starred on “Love & Hip Hop: Atlanta”, was indicted Wednesday by a federal grand jury.
Fayne, who is the ex-husband of Karlie Redd, is being accused of committing several serious crimes including bank fraud, making a false statement to a federally-insured financial institution, and money laundering. The most damning charge against Fayne is wire fraud in connection with a Ponzi scheme, where he is alleged to have collected over $5 million.
Here are more details on how Fayne stole money to cover his gambling debts.
In an official press release from the Department of Justice United States Attorney’s Office in the Northern District of Georgia, it was confirmed that Maurice Fayne, otherwise known as Arkansas Mo, was indicted on previously reported charges of the misuse of funds received through one of the initiatives of the U.S. government to help small businesses affected by the coronavirus. According to the release, the charges against Arkansas Mo are quite serious. He’s been
“charged with bank fraud, making a false statement to a federally-insured financial institution, and money laundering, all in connection with a Paycheck Protection Program (PPP) loan. In addition, Fayne is charged with wire fraud in connection with a Ponzi scheme.”The press release details exactly how a federal grand jury was able to indict Arkansas Mo, specifying that none of the funds were used to help what he claimed to be was his failing business: From approximately August 2014 through approximately May 2020, Fayne posed as the owner of a profitable trucking business. In truth, Fayne’s trucking business never generated enough revenue to cover its expenses. Nevertheless, Fayne caused approximately 20 individuals to invest over $5 million in his trucking business. Fayne promised that he would use the investors’ money to purchase and operate trucks. Instead, Fayne used the investors’ money to pay his personal debts and expenses and to fund an extravagant lifestyle for himself. During the wire fraud scheme, Fayne transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses.
The release also indicates Arkansas Mo was under investigation also for bank fraud with federal agents keying in one several of his bank accounts. Federal agents seized a wide range of assets ranging from trucks to a Rolex watch.
Turn the pages for the complete list.