'Love and Hip Hop's' Mo Fayne arrested, accused of 'greedily' utilizing $1.5M of coronavirus mortgage on jewellery and a Rolls-Royce

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reportedly broke up the next yr.” data-reactid=”13″>Fayne was engaged to forged member Karlie Redd in 2018, however the couple reportedly broke up the next yr.

a news release from the Department of Justice. Authorities said that, on April 15, Fayne applied for a loan of $2,045,800 for his Georgia corporation, Flame Trucking, through the Paycheck Protection Program intended to stabilize the cratering economy.” data-reactid=”14″>Fayne, 37, of Dacula, Ga., was arrested Wednesday, based on a information launch from the Department of Justice. Authorities mentioned that, on April 15, Fayne utilized for a mortgage of $2,045,800 for his Georgia company, Flame Trucking, by means of the Paycheck Protection Program supposed to stabilize the cratering economic system.

Maurice “Mo” Fayne and Karlie Redd rejoice in Atlanta in 2018. (Photo by Paras Griffin/Getty Images)

“Within days” of receiving cash for his firm, “Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support,” the information launch learn.

Fayne is formally accused of financial institution fraud, and he made an preliminary look in courtroom Wednesday.

Federal brokers searched the fact star’s home Monday and located the jewellery he allegedly purchased with cash from the mortgage, in addition to approximately $80,000 in money (together with $9,400 in his pockets) and a 2019 Rolls-Royce Wraith with a brief tag nonetheless on it. They seized $503,000 within the funds from his financial institution accounts.

The Department of Justice reported that Fayne, also referred to as “Arkansas Mo,” had initially sought a mortgage of $3,725,500, however he was solely given the smaller quantity.

Brian A. Benczkowski, the assistant legal professional common of the Justice Department’s prison division, had harsh phrases for Fayne: “The defendant allegedly stole money meant to assist hard-hit employees and businesses during these difficult times, and instead greedily used the money to bankroll his lavish purchases of jewelry and other personal items.”

Fayne couldn’t be reached for remark.

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