Love & Hip Hop: Atlanta‘s Maurice Fayne (aka Arkansas Mo) has been arrested and charged with federal bank fraud after using millions of dollars from a Covid-19 emergency loan on jewelry, the Department of Justice said in a news release Wednesday.
Fayne submitted a Ppp (Paycheck Protection Program) loan application for his company, Flame Trucking, on April 15 and certified that the loan proceeds would be used to “retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule,” according to an affidavit for the criminal complaint.
Fayne then used more that $1.5 million of the funds to buy $85,000 in jewelry, including a Rolex watch, a diamond bracelet, and a 5.73 carat diamond ring for himself, according to the release.
“The defendant allegedly took advantage of the emergency lending provisions of the Paycheck Protection Program that were intended to assist employees...
Fayne submitted a Ppp (Paycheck Protection Program) loan application for his company, Flame Trucking, on April 15 and certified that the loan proceeds would be used to “retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule,” according to an affidavit for the criminal complaint.
Fayne then used more that $1.5 million of the funds to buy $85,000 in jewelry, including a Rolex watch, a diamond bracelet, and a 5.73 carat diamond ring for himself, according to the release.
“The defendant allegedly took advantage of the emergency lending provisions of the Paycheck Protection Program that were intended to assist employees...
- 5/14/2020
- by Denise Petski
- Deadline Film + TV
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