People Magazine - Love & Hip Hop: Atlanta star Maurice Fayne has been arrested and charged with bank fraud after allegedly spending millions of dollars worth of coronavirus relief funds on jewelry.
The United States Department of Justice revealed the arrest on Wednesday, explaining that Fayne, who also goes by the name Arkansas Mo, had been arrested on federal bank fraud charges arising from a Paycheck Protection Program (PPP) loan.
Fayne, 37, had obtained the loan in the name of Flame Trucking — a Georgia corporation that he is the sole owner of, according to the U.S. Department of Justice.
On April 15, Fayne signed and submitted a PPP loan application to United Community Bank, explaining that the business had 107 employees and an average monthly payroll of $1,490,200, according to the U.S. Department of Justice.
Fayne had requested a loan in the amount of $3,725,500 and certified that the loan 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."
United Community Bank ended up granting Fayne a loan for $2,045,800.
According the U.S. Department of Justice, Fayne allegedly used over $1.5 million of the loan to buy $85,000 worth of jewelry, including a Rolex Presidential watch, a diamond bracelet and a 5.73 carat diamond ring.
Fayne also allegedly used the funds to pay $40,000 in child support, the U.S. Department of Justice said.
The purchase of jewelry and the payment of child support are not authorized uses of PPP funds.
When Fayne was interviewed by federal agents about the spending on May 6, he allegedly denied using the money for personal expenses, according the U.S. Department of Justice.
However, when federal agents searched Fayne's home on May 11, they allegedly seized $80,000 in cash, including $9,400 that Fayne allegedly had on his person.
The U.S. Department of Justice says federal agents also discovered the jewelry and found a 2019 Rolls-Royce Wraith.
The U.S. Department of Justice also revealed that agents also seized three bank accounts into which Fayne had allegedly transferred $503,000 worth of PPP funds.
(Quick rundown as I assume very few of us watch this trash tv show and I had no clue who these people were either.
Arkansas Mo = this clown.
NOT to be mistaken for Flo-Rida or the "Who else seen the leprechaun, say Yeah" guy
Real name is Maurice Fayne. Former fiance to Karlie Redd.
Karlie Redd = nice enough lady.
She is an American television personality, hip-hop artist, model and actress. She is best known for appearing as a main cast member of VH1's reality show Love & Hip Hop: Atlanta since its premiere in June 2012
Love & Hip Hop: Atlanta = The second installment in VH1's "Love & Hip Hop" docu-soap franchise takes to Atlanta the tale of striving for stardom in the rap game while trying to survive relationship and family struggles. The cast includes Mimi Faust, the ex-girlfriend of Grammy-winning producer Stevie J; Trinidadian R&B singer Karlie Redd; "raptress" Jessica Dime; and Atlanta rapper/entrepreneur Rasheeda. The competition to take the next step in the careers of these fiery women is fierce, and they're not about to let any obstacle -- be it personal or professional -- stand in their way. End disclaimer)
Times are tough man. A lot of people are out of work and struggling right now. Self-employed people are some of the hardest hit. Real entrepreneurs and captains of industry like Arkansas Mo here.
At the time of this blog, nearly 7.5 million people have seen Dave's well-spoken rant on current affairs-
Like Dave said. If you have the choice of losing your livelihood and life's work by continuing to be closed for business or rolling the dice (and playing the favorable odds) and reopening which are you gonna choose?
Did you think a guy like Arkansas Mo was gonna sit back and let the tyrant Governor of Georgia who h̶a̶s̶ ̶s̶h̶u̶t̶ ̶d̶o̶w̶n̶ ̶e̶v̶e̶r̶y̶t̶h̶i̶n̶g̶ hasn't shut down a single thing (literally) kill his business "Flame Trucking" that he spent his entire life building?
The government stepped up to help business owners such as himself and his employees.
Arkansas Mo has employees to take care of, 107 of them according to his fraudulent application. Their families depend on those PPP funded paychecks. Do you know who else depended on that PPP loan? The Atlanta Rolls Royce dealership. Atlanta Luxury Watches. And Arkansas Mo's kids and baby-mommas he was $40,000 behind on child support to. That's who. They've got bills to pay and mouths to feed as well. It's called trickle-down economics guys. Ever heard of it?
Real talk, this is the first of what will for sure be hundreds of outrageous fraud stories tied to Corona Relief loans so stay tuned. Nice knowing you Arkansas Mo.
p.s. - "The purchase of jewelry and the payment of child support are not authorized uses of PPP funds." mentioned in the article is golden. They're not? Ya don't say?