Mo Fayne was arrested after adding PPP loans to his personal net worth. What happened? Find out.
The Paycheck Protection Program (PPP) loan was launched to help small businesses and employees during the COVID-19 pandemic. It mainly targeted to maintain the payroll of workers.
But, former reality TV actor, Mo Fayne, was discovered using the relief fund for personal expense.
Why Was Mo Fayne aka Maurice Fayne Arrested?
Mo Fayne aka Maurice Fayne was arrested for misusing PPP loans.
Maurice reportedly falsified the loan application. Apparently, the Love and Hip Hop star: Atlanta forged the documents to show that his trucking business, Flame Trucking, required $3.7million USD in loan. Likewise, he claimed that his company sustained 107 employees.
The officers later found that Fayne had spent the money on personal expenditures instead. He had apparently bought jewelry, cars, started a new business, and even paid the money in child support.
Consequently, the reality star faced six counts of felony. His charges include bank and wire fraud.
On September 15, 2021, the judge sentenced Mo to 210 months (17.7 years) in prison. Similarly, he is supposed to pay over $4 million USD in restitution.
Mo Fayne Net Worth – How Much Does He Own?
Mo Fayne’s net worth might go minus after his scandal.
It is alleged that Mo bought $85,000 USD and $136,000 USD worth of Jewelry and Rolls-Royce from the PPP loan respectively. As a fact, Mo Fayne had been flexing about his wealth on his Instagram bio @aksansas_mo recently.
But, police have now seized $617,000 USD from Fayen’s seven bank accounts. Moreover, the officials also took authority over Roll Royce’s down payment and $79,482 USD in cash.
Interestingly, this is not the first time Mo is facing legal charges regarding money. It is alleged that he was even involved in a Ponzi Scheme from 2014 to 2020.
Apparently, Fayne convinced 20 people to invest over $5 million in his company. But, he spent the seed funding on personal luxuries instead.
Update on Mo Fayne Wife Karlie Redd
Mo Fayne was set to wife fellos star Karlie Redd once.
However, since their appearance in Love & Hip Hop: Atlanta together, the couple has reportedly split from each other. Nevertheless, Mo Fayne does have a young daughter as his family member.
Mo Fayne became 38 years old age during his recent birthday of March 23. This means he might be over 55 years old, when he will be finally released from prison.
On the other hand, Fayne’s management has not released an official statement on the situation yet.