PPP loan: Rapper, Maurice “Mo” Fayne Faces 17 years in prison for Fraud
‘Love & Hip Hop’ star Maurice Fayne has been sentenced to more than 17 years in prison for his involvement in a Paycheck Protection Program (PPP) loan fraud scheme.
Maurice “Mo” Fayne, 38, was sentenced by U.S. District Judge Mark Cohen on charges of bank fraud and making false statements to a financial institution in what the Department of Justice (DOJ) described as a Ponzi scheme in a statement on Wednesday.
According to court documents, from 2013 to 2020, Fayne ran a multistate scheme that defrauded more than 20 people who invested in his trucking company, using the money to pay off personal debts and expenses and spending more than $5 million at an Oklahoma casino.
Fayne also applied for a $3.7 million PPP loan from a local bank in April, falsely claiming that his trucking company had 107 employees and a monthly payroll of $1.4 million.
Fayne used the PPP loan proceeds for improper purposes, including the following:
• $40,000 for past-due child support;
• $50,000 for restitution owed in a previous fraud case;
• $65,000 in cash withdrawals;
• $85,000 for custom-made jewelry;
• $136,000 to lease a Rolls-Royce;
• $230,000 to associates who helped him run a Ponzi scheme;
• $907,000 to start a new business in Arkansas.
“This sentence should serve notice that the FBI and our federal partners will investigate anyone who misdirects federal emergency assistance earmarked for businesses who need it to stay afloat,” Atlanta-based FBI Special Agent Chris Hacker said. “We won’t tolerate anyone driven by personal greed to pocket American taxpayer money that should be going to those who need it.”
Fayne, who pleaded guilty to the charges in May, was sentenced to 5 years supervised release and ordered to pay $4.4 million in restitution to his alleged victims.
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