Atlanta star Maurice Fayne sentenced to ponzi scheme – WHIO TV 7 and WHIO Radio
Maurice Fayne, 38, was sentenced to federal prison for his role in a Ponzi scheme.
Fayne is perhaps best known for his role in season eight of the VH-1 reality show “Love & Hip Hop: Atlanta”.
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WSBTV has reported that he has been convicted of conspiracy and wire fraud and will spend 17 years behind bars.
Prosecutors said Fayne carried out the illegal operation in several states, defrauding more than 20 people who had invested in his trucking business from 2013 to 2020.
Investors thought they were giving Fayne the money to run his business, but instead prosecutors said he used it to pay for his lifestyle, even spending $ 5 million of their money. at an Oklahoma casino, WSBTV reported.
Prosecutors said Fayne applied for a $ 3.7 million PPP loan in April 2020, saying he employed 107 people with a monthly payroll of $ 1.5 million.
“Fayne planned to use the P3 program as a cover for his long-standing Ponzi scheme,” Acting US Attorney Kurt R. Erskine said. âThe funds provided by the program are serving as a lifeline for many businesses desperately trying to stay afloat during the pandemic, and sadly, its fraud has helped deplete those precious dollars. “
Instead, Fayne used the money for child support, restitution for a previous case, custom jewelry and to rent a Rolls-Royce, prosecutors said.
In addition to the jail term, Fayne was ordered to pay more than $ 4.4 million in restitution, WSBTV reported.
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