‘Love & Hip Hop’ star arrested for federal bank fraud – VIBE.com

A Love and hip-hop: Atlanta personality was arrested on federal bank fraud charges. Maurice “Arkansas Mo” Fayne, accused of using a $ 2 million paycheck protection program to fund a lavish shopping spree, appeared in court on Wednesday (May 13th).

“The accused allegedly stole money intended to help hard-hit employees and businesses in these difficult times, and instead greedily used the money to finance his lavish purchases of jewelry and other personal items,” he said. said Deputy Attorney General Brian A. Benczkowski of Justice. Criminal division of the ministry in a press release from the Ministry of Justice. “The department will remain steadfast in its efforts to root out and prosecute fraud against the Paycheck Protection Program.”

Fayne is said to have spent over $ 1.5 million on personal effects and child support. Prosecutors accuse him of spending $ 85,000 on jewelry, which includes a Rolex presidential watch, a diamond bracelet and a 5.73-carat diamond ring, and $ 40,000 to pay child support.

“In an age when small businesses struggle for survival, we cannot tolerate anyone motivated by personal greed, which misdirects emergency federal aid to keep businesses afloat,” said Chris Hacker, Special Agent in charge of the FBI office in Atlanta.

Although Fayne applied for a $ 3.7 million PPP loan on behalf of Flaming Trucking, it was approved for $ 2,045,800 million. The 37-year-old Georgian native said the company has 107 employees and the payroll costs more than $ 1.4 million per month. The PPP loan was to be used to “retain workers and maintain the payroll or make mortgage interest payments, lease payments and utility payments, as specified in the paycheck protection program rule.” .

Asked by federal agents earlier this month, Fayne confirmed that he applied for the P3 loan, but denied that he misused the funds. He allegedly claimed that the money had gone to payroll and additional business expenses. On Monday (May 11), authorities raided Faye’s residence in Dacula, Georgia, where they seized approximately $ 80,000 in cash, including $ 9,400 found in her pockets. Authorities also discovered a 2019 Rolls-Royce Wraith with temporary dealer plates on the vehicle and seized $ 503,000 in PPP money from three bank accounts believed to belong to Fayne.

“There has been considerable confusion among small business owners about the PPP guidelines – particularly over whether and how business owners are allowed to pay themselves a salary or take a raffle. I hope these issues will be further fleshed out in the weeks and months to come, ”Fayne’s attorney Tanya Miller said in a statement to CNN.

“For obvious reasons, we cannot judge these allegations in the media,” Miller continued. “We will provide the appropriate response in the appropriate forum once all of the information has been provided to us.”

Previous Did you miss the Refi boat?
Next SmartBank Expands Loan Team in Cleveland

No Comment

Leave a reply

Your email address will not be published.