PUBLISHED ON : SEPTEMBER 15, 2021 / 09:33 PM
Rapper and former Love & Hip Hop: Atlanta star Mo Fayne has been sentenced to 17.5 years in prison after his involvement in a PPP loan fraud scheme.
TMZ reports that legal documents reveal Fayne received the sentence after pleading guilty to six counts, including bank and wire fraud.
Prosecutors alleged Fayne enjoyed a lavish lifestyle during the pandemic by taking money from the Paycheck Protection Program. The funds from the program were intended to help employees and small businesses hit hard by COVID.
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Fayne had cut a plea deal with prosecutors, who agreed to drop 14 other charges and recommended he get the 151-month sentence instead.
According to TMZ, the Department of Justice says Fayne submitted a $3.7 million PPP load application falsely claiming his trucking business had 107 employees and an average monthly payroll of $1,490,200.
Instead of using the PPP loan funds to retain workers and maintain payroll, he used it for improper purposes, including past-due child support, jewelry, a Rolls Royce and to start a new business in Arkansas.
In addition to prison time, Fayne will be required to undergo five years of supervised release and pay back $4,465,865.55 in restitution.
Photo: Mo Fayne Instagram (@arkansas_mo)
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The post ‘Love & Hip Hop’ Star Gets 17 Years In Prison In Fraud Case appeared first on Digital Online Fashion Magazine | Free Fashion Magazine | Fashion Magazine Online.
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