Former star on “Love & Hip Hop: Atlanta” Show has been sentenced to 17 years in prison for charges related to a Ponzi scheme and for a fraudulent Paycheck Protection Program loan application
The Acting U.S. Attorney for the Northern District of Georgia, Kurt Erskine, said Maurice Fayne, ran a multistate Ponzi scheme that defrauded over 20 people who invested in his trucking business.
Officials said Fayne, also known as Arkansas Mo, promised he would use investors’ money to operate the business. But, they said he used the funds to pay personal debts and to continue to live his extravagant lifestyle.
“During the scheme, Fayne spent more than $5 million at a casino in Oklahoma,” according to the the report released.
Erskine said in April of last year, Fayne submitted a $3.7 million PPP loan application claiming his trucking business had more than 100 workers with an average monthly payroll of $1,490,200. However, they said he spent $40,000 for past-due child support, $50,000 on restitution for a previous fraud case, $136,000 to lease a Rolls-Royce, $907,000 to start a business in Arkansas, and thousands more on other expenses.
“Fayne planned to use the PPP program as a cover for his long-running Ponzi scheme,” said Erskine. “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.”
In addition to his 17 years and six months of prison time, Maurice Fayne will also have five years of supervised release. In addition, the reality TV star must pay almost $4.5 million in restitution.
Maurice Fayne appeared on season 8 of VH1’s Love & Hip Hop: Atlanta as the love interest of longtime cast member Karlie Redd.