‘Love and Hip Hop’s’ Mo Fayne arrested for coronavirus loan
Maurice “Mo” Fayne, who’s appeared on Adore and Hip Hop: Atlanta, has been arrested for allegedly misusing millions intended to enable small companies struggling in the course of the coronavirus pandemic.
Fayne was engaged to forged member Karlie Redd in 2018, but the pair reportedly broke up the following calendar year.
Fayne, 37, of Dacula, Ga., was arrested Wednesday, according to a information release from the Department of Justice. Authorities claimed that, on April 15, Fayne applied for a financial loan of $2,045,800 for his Ga corporation, Flame Trucking, via the Paycheck Security Plan meant to stabilize the cratering economic system.
“Within days” of receiving money for his firm, “Fayne allegedly applied a lot more than $1.5 million of the PPP financial loan proceeds to buy $85,000 in jewelry, including a Rolex Presidential check out, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay out $40,000 for youngster help,” the information launch go through.
Fayne is officially accused of financial institution fraud, and he manufactured an preliminary appearance in court Wednesday.
Federal agents searched the truth star’s property Monday and identified the jewellery he allegedly acquired with revenue from the personal loan, as perfectly as somewhere around $80,000 in cash (which includes $9,400 in his pockets) and a 2019 Rolls-Royce Wraith with a non permanent tag however on it. They seized $503,000 in the cash from his financial institution accounts.
The Section of Justice noted that Fayne, also recognized as “Arkansas Mo,” had initially sought a financial loan of $3,725,500, but he was only offered the smaller sized amount.
Brian A. Benczkowski, the assistant lawyer typical of the Justice Department’s prison division, experienced harsh words for Fayne: “The defendant allegedly stole cash meant to guide tricky-strike personnel and businesses for the duration of these tricky instances, and as a substitute greedily applied the cash to bankroll his lavish purchases of jewellery and other individual items.”
Fayne could not be achieved for comment.
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