03/10/2022

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Atlanta’ sentenced to 17 years in prison for misuse of PPP loans [Video]

2 min read
Atlanta’ sentenced to 17 years in prison for misuse of PPP loans [Video]

Rapper Maurice “Mo” Fayne, who appeared on Adore & Hip Hop: Atlanta when he was engaged to forged member Karlie Redd in 2018, has been sentenced to 17-and-a-fifty percent yrs at the rear of bars for crimes including the misuse of millions of bucks in PPP loans.

The 38-year-outdated Fayne, who lives in Dacula, Ga., was arrested in Could 2020 on rates of making phony statements on his software for a financial loan from the Paycheck Security Software — which was meant to stabilize the economic system through the COVID-19 pandemic — as perfectly as bank fraud and conspiracy and wire fraud relevant to a Ponzi plan. Fayne went on to plead guilty — TMZ reported that he did so just after slicing a deal with prosecutors to prevent even additional time — and he was convicted in May well 2021.

Officials explained Fayne had, in April 2020, utilized for $3.7 million by United Group Financial institution for his company, Flame Trucking. They income was meant to be employed to pay out his workers, home loans or other costs associated to his business.

In its place, Fayne expended it on particular fees: $85,000 in jewelry, $40,000 for past-thanks baby assist, $136,000 for the lease of a Rolls-Royce, $65,000 in money, $50,000 for dollars he owed in a different lawful case and $907,000 to get started a new business enterprise.

Maurice

Maurice “Mo” Fayne has been sentenced to 17-and-a-half a long time in prison. (Photo: Instagram)

Fayne compensated an additional $230,000 to people assisting him to run a Ponzi plan. According to the Justice Section, he experienced operate the scheme from March 2013 to May 2020, having revenue from men and women who supposed to make investments in his company and using it to “fork out his individual debts and bills and to fund an extravagant life style for himself.”

In addition to the time in federal jail, U.S. District Decide Mark H. Cohen requested Fayne to five a long time of supervised release and payment of $4,465,865.55 to his victims throughout many states.

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