Mo Fayne from Love & HipHop: Atlanta finally gets sentenced for misusing the PPP loan process and hit with 17 years in prison.
During this pandemic, the government tried to help small businesses that were in serious financial jeopardy. Unemployment and EDD were offered and people abused it instantly, and some even rapped about defrauding the EDD before going straight to jail. Several other options were available, but one was by far the most talked about and that was the PPP loan. Within weeks of applications going up, we saw our first fraud case in Florida. A Florida man got approved and went directly to the Lamborghini lot and copped a car as if that wouldn’t flag him or raise any eyebrows. The man would later be sentenced to six years in jail, which might be a good deal compared to others.
Love and Hip Hop: Atlanta personality Mo Fayne was another person who took advantage of the good ole PPP loan process. Mo Fayne, who was briefly married to Karlie Redd, secured his $3.7 Million in loans and proceeded to go stunt for the gram. He allegedly spent $85k on jewelry, $40k on child support, copped a Rolls-Royce for $136k, $65k in cash to keep on him, and $50k to handle his other previous fraud case. The only sign of doing right with the money was the $907k he used to try and start a legitimate business.
Not only were the feds on him for his fraudulent PPP moves, but apparently, his entire business was a Ponzi scheme using investor’s money to fund his lifestyle. Like always, it all caught up with him when he was arrested in May of last year, and now, he has been sentenced to 17 years in prison. Even when he is released, he will still be on the hook for five years of supervised release and money owed to victims totaling $4,465,865.55 across multiple states.
The feds are just warming up, more arrests and trials are on the way for anyone who thought it would be wise to mess with the feds.