Last Updated on: 16th September 2021, 09:53 pm
Who is Maurice Fayne of Atlanta, US? Biography, Wiki
Maurice Fayne, who starred in Love & Hip Hop: Atlanta, was charged with conspiracy and wire transfer fraud in connection with a Ponzi scheme, as well as bank fraud and false information at a financial institution in connection with sentenced to more than 17 years in prison.
Loan Application for Fraudulent Paycheck Protection Program (PPP).
Maurice Fayne’s Age
His current age is 38 years.
Maurice Fayne Wife
His wife’s name is unknown yet.
‘Love & Hip Hop’ Reality TV Star Sentenced to 17 Years in Fraud Case
Authorities said Fayne, who walks through Arkansas Mo, has vowed to use investors’ money to run the business.
However, they said he used the money to pay off personal debts and lead an extravagant life.
“During the scheme, Fayne spent more than 5 USD Million at an Oklahoma casino,” the news release said.
“Fayne planned to use the PPP program as a cover for his long-running Ponzi program,” said Acting US Attorney Kurt R. Erskine.
“The funds provided by the program serve as a lifeline for many companies desperately trying to stay afloat during the pandemic and, unfortunately, fraud has helped deplete those precious dollars.”
“That ruling should mean that the FBI and our federal partners will investigate anyone who hijacks federal emergency aid from companies that need it to stay afloat,” said Chris Hacker, FBI special agent in Atlanta.
“We will not tolerate anyone, driven by personal greed, pocketing American taxpayer money that should go to those in need.”
“Lying to gain access to SBA pandemic response programs is not without consequences,” said Amaleka McCall-Brathwaite, special agent for the SBA OIG East Region.
“The OIG will relentlessly investigate evidence of fraud against SBA programs that aim to help small businesses across the country address the challenges of the pandemic. I would like to thank the United States Attorney’s Office for its leadership and commitment to the pursuit of justice.”
What Was The Trial?
Acting US Attorney Erskine said the charges and other information were brought to court: From March 2013 to May 2020, Fayne ran an inter-state Ponzi program that defrauded more than 20 people who invested in her trucking business.
Fayne promised to use the investors’ money to run the business. Instead, she used the money to pay off debts and expenses and finance an extravagant lifestyle.
During the show, Fayne spent more than 5 USD Million at an Oklahoma casino.
In April 2020, Fayne applied for a PPP loan of 3.7 million, and Fayne committed to using the funds from the PPP loan to support workers and payroll, or mortgage interest, lease payments, and service payments. related to your trucking business.
Instead, Fayne has used the PPP loan funds for improper purposes, including:
- $40,000 for past-due child support;
- $50,000 for a refund owed in a previous fraud case;
- $65,000 in cash withdrawals;
- $85,000 for personalized jewelry;
- $136,000 to lease a Rolls-Royce;
- $230,000 for employees who helped run a Ponzi program;
- $907,000 to start a new business in Arkansas.
Imprisoned For 17 Years
Maurice Fayne, also known as Arkansas Mo, 38, of Dacula, Georgia, was sentenced by US District Judge Mark H. Cohen to 17 years in prison, six months in prison, followed by five years of supervised release and payments repair for an amount of 4,465,865.55 USD to the victims.
Also Read: Who is Darren Colly of Birmingham, UK? Biography, Wiki, Age, Snatched A 7 Year Old Girl And Trial
Fayne was convicted of the charges on May 11, 2021, after pleading guilty.
This matter has been investigated by the Federal Bureau of Investigation and the Office of the Inspector General of the Small Business Administration.
Assistant US Attorneys Russell Phillips and Bernita Malloy continued the case.
