Maurice Fayne, known as Arkansas Mo, defrauded more than $2M from United Community Bank. He must pay over $4M in restitution.
Maurice Fayne, also known as Arkansas Mo, who was once featured on Love and Hip Hop: Atlanta, has been sentenced to 17 years and six months in federal prison for Paycheck Protection Program fraud.
According to The Atlanta Journal-Constitution, Fayne ran a multi-state scheme that defrauded more than 20 people over seven years. He told investors he was going to use their money to operate a trucking business. However, according to investigators, Fayne used the money to fund his extravagant lifestyle.
His final fraudulent act was applying for a $3.7 million loan for his trucking business, which he claimed had 107 employees and a monthly payroll of $1,490,200.
“Fayne planned to use the PPP program as a cover for his long-running Ponzi scheme,” acting U.S. Attorney Kurt Erskine told The AJC in an emailed statement. “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.”
According to the federal government, Fayne used the loan money for improper purposes. He started a new business in Arkansas for $907,000 and spent…