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Actuality Tv star and rapper Maurice Fayne will devote 17.5 a long time in a federal jail for PPP fraud and a multimillion-dollar Ponzi plan. [Image: Shutterstock.com]
Federal jail for truth Television set star
The U.S. Attorney’s Place of work for the Northern District of Georgia (USAO-NDGA) has declared the sentencing of truth television star Maurice “Mo” Fayne to 17.5 years in a federal jail.
The USAO-NDGA took to Twitter on September 15 to share news of 38-yr-outdated Fayne’s sentence for Paycheck Defense Method (PPP) fraud and a multimillion-greenback Ponzi scheme:
The Enjoy & Hip Hop: Atlanta star claimed thousands and thousands in COVID-19 relief money previous yr and made use of the funds to bankroll his lavish way of life and his Ponzi scheme, which ran under the guise of a trucking company from March 2013 through May possibly 2020. The USAO-NDGA explained that all through the Ponzi scheme, which noticed in excess of 20 investors defrauded, Fayne expended in excess of $5m in an Oklahoma casino.
U.S. District Choose Mark H. Cohen convicted Fayne for conspiracy and wire fraud connected to a Ponzi scheme, bank fraud, and falsifying statements to a financial entity linked to a fraudulent PPP personal loan application. He sentenced the Dacula, Ga native to the lengthy prison stretch followed by 5 a long time of supervised release.
should also fork out $4,465,865.55 in restitution to the victims
Fayne, who received convicted on these prices in Might 2020 pursuing a responsible plea, have to also pay back $4,465,865.55 in restitution to the victims.
Fayne expended fortunes
Fayne’s conviction arrived not prolonged just after he submitted a $3.7m PPP personal loan software to United Neighborhood Financial institution in April 2020. A DOJ information release on Wednesday described performing US Attorney Kurt R. Erskine as saying that the celebrity’s intent was to use the PPP application as a front for his Ponzi plan.
The rapper, who goes by the name of “Arkansas Mo”, dishonestly claimed that he wanted the PPP funds to pay out the 107 personnel of his battling trucking organization, Flame Trucking. He acquired just about $2m in aid money, which he set about burning quickly.
Prosecutors mentioned he acquired $85,000 worth of glitzy jewelry, which incorporated a diamond bracelet, a 5.73-carat diamond ring, and a Rolex Presidential watch. His spend also integrated a $136,000 lease on a Rolls Royce Wraith and a $65,000 dollars withdrawal, though $230,000 went to his Ponzi plan associates.
Erskine extra that PPP money “serve as a lifeline to a lot of organizations desperately making an attempt to stay afloat for the duration of the pandemic, and sadly [Fayne’s] fraud aided deplete all those cherished pounds.”
Chris Hacker, Exclusive Agent in Charge of FBI Atlanta, was a lot less prosaic. “We won’t tolerate any one driven by private greed to pocket American taxpayer revenue that should be likely to those people who will need it,” he explained.
Finish of the line
In accordance to the New York Write-up, after Fayne lied to federal agents about paying out the PPP cash on Flame Trucking, a look for of his Georgia property in Could 2020 “uncovered approximately $80,000 in money, like $9,400 Fayne experienced in his pockets.”
Agents also seized all around $503,000 in PPP resources soon after executing a seizure warrant for bank accounts the rapper owned or managed.