12/5/2023 0 Comments Love and hip hopAttorney’s Office for the Northern District of Georgia said. Instead of using investors’ money to operate the business, he used the funds to pay personal debts and expenses and to fund an extravagant lifestyle, Erskine said.ĭuring the scheme, Fayne spent more than $5 million at a casino in Oklahoma, the U.S. Original story: 'Love & Hip Hop: Atlanta' star Maurice Fayne charged with misusing coronavirus relief fundsĮrskine said from March 2013 through May 2020, Fayne ran a multistate Ponzi scheme that defrauded more than 20 people who invested in his trucking business. “The funds the program supplies serve as a lifeline to many businesses desperately trying to stay afloat during the pandemic, and unfortunately his fraud helped deplete those precious dollars.” “Fayne planned to use the PPP program as a cover for his long-running Ponzi scheme,” said Acting U.S. Those also included charges of bank fraud and making false statements to a financial institution involving a loan application for the Paycheck Protection Program, or PPP. Fayne, 38, of Dacula, Georgia, also was ordered to pay restitution of nearly $4.5 million to the victims.įayne pleaded guilty to the charges on May 11. Cohen sentenced Maurice Fayne, also known as Arkansas Mo, to 17 and a half years behind bars and five years of supervised release. Watch Video: Bernie Madoff, Ponzi scheme leader, dies in prisonĪTLANTA - A former cast member on the reality television show "Love & Hip Hop: Atlanta" has been sentenced to more than 17 years in federal prison for conspiracy and wire fraud related to a Ponzi scheme and related charges involving a fraudulent Paycheck Protection Program loan application.
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