‘Love & Hip Hop’ Star Mo Fayne Indicted For PPP Fraud & Accused Of Running $5M Ponzi Scheme
In May, we reported that ‘Love & Hip Hop‘ star Mo Fayne, aka “Arkansas Mo” of the Atlanta franchise, was arrested for coronavirus relief fraud, which he’s now been indicted for PPP fraud as of yesterday. In addition, he’s also been charged for running a $5 million Ponzi scheme.
Regarding yesterday’s federal grand jury indictment, prosecutors say he lied to get a $3,725,500 Paycheck Protection Program loan, claiming it would pay 107 workers and expenses for a trucking company. However, he used the funds to support his extravagant lifestyle, purchasing custom-made jewelry and dropping $136,000 to lease a 2019 Rolls-Royce.
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Additionally, prosecutors threw wire fraud, bank fraud, and money laundering charges his way for his role in a six-year Ponzi scheme to cover up a huge gambling habit. They say he “posed as the owner of a profitable trucking business,” even though it “never generated enough revenue to cover its expenses.”
A statement read, “Nevertheless, Fayne caused approximately 20 individuals to invest over $5 million in his trucking business. Fayne used the investors’ money to pay his personal debts and expenses, and to fund an extravagant lifestyle for himself. [He even] transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses.”
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