He allegedly used the money to buy $ 85,000 worth of jewelry, rent a Rolls Royce, pay off loans and child support.
ATLANTA – Dacula reality TV actor has been arrested for federal bank fraud resulting from Paycheque Protection Program (“PPP”) he obtained.
Maurice Fayne, who appeared on “Love & Hip Hop: Atlanta” and is called “Arkansas Mo”, has secured a multi-million dollar loan, authorities said. He was in a relationship with Karlie Redd and made several appearances on the series.
But how he spent the money raised red flags.
The PPP aims to help employees and small businesses battered by the coronavirus pandemic.
According to US lawyer Byung J. “BJay” Pak, charges and other information presented to the court, Fayne is the sole owner of a Georgian company called Flame Trucking. He submitted the PPP loan application on April 15 indicating that the company had 107 employees and an average monthly payroll of $ 1,490,200.
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Fayne requested a loan in the amount of $ 3,725,500 and confirmed that it would be used to “retain workers and maintain payroll or make mortgage interest payments, lease payments and service payments. public, as specified in the Paycheck Protection Program rule ”.
The bank granted him a loan of more than $ 2 million, according to documents.
Within days, the U.S. Attorney’s Office said Fayne allegedly used more than $ 1.5 million from the PPP loan proceeds to purchase $ 85,000 of jewelry, including a Rolex presidential watch, diamond bracelet and diamond ring. 5.73-carat diamond for himself, to lease a 2019 Rolls Royce Wraith, to make loan repayments and to pay $ 40,000 in child support.
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On May 6, Fayne was questioned by federal agents and claimed he used all of the proceeds from the P3 loan to pay payroll and other business expenses.
On May 11, officers raided Fayne’s residence in Dacula and seized approximately $ 80,000 in cash, including $ 9,400 Fayne had in his pockets and jewelry he had purchased with P3 funds. Officers also executed foreclosure warrants for three bank accounts that Fayne owned or controlled and seized approximately $ 503,000 in P3 funds, prosecutors said.
The case is being investigated by the Federal Bureau of Investigation in conjunction with the Atlanta Complex Financial Crimes Task Force, supported by the Gwinnett County Sheriff’s Office and the Inspector’s Office general small business.
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