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The “Love & Hip Hop: Atlanta” star accused of scamming millions out of the government’s coronavirus loan program has now also been charged with running a $5 million Ponzi scheme, prosecutors said. Maurice “Mo” Fayne — who appeared in the reality-TV show’s eighth season — was indicted Wednesday by a federal grand jury for lying …
The “Love & Hip Hop: Atlanta” star accused of scamming millions out of the government’s coronavirus loan program has now also been charged with running a $5 million Ponzi scheme, prosecutors said.
Maurice “Mo” Fayne — who appeared in the reality-TV show’s eighth season — was indicted Wednesday by a federal grand jury for lying to get a $3,725,500 Paycheck Protection Program (PPP) loan, the feds said.
He claimed it would pay 107 workers and expenses at a trucking firm — but instead blew it on his extravagant lifestyle, including custom-made jewelry and $136,000 to lease a 2019 Rolls-Royce, prosecutors said.
Fayne was also hit with wire fraud charges Wednesday for what the feds called a six-year Ponzi scheme to cover a big-money gambling habit.
The reality star “posed as the owner of a profitable trucking business” whereas, in fact, the firm “never generated enough revenue to cover its expenses,” prosecutors said in a statement.
“Nevertheless, Fayne caused approximately 20 individuals to invest over $5 million in his trucking business,” the statement said.
“Fayne used the investors’ money to pay his personal debts and expenses, and to fund an extravagant lifestyle for himself.”
He even “transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses,” the release says.
Fayne, who was first arrested May 11, is out on bond, according to court records.
Along with wire fraud for the alleged Ponzi scheme, he is charged with bank fraud, money laundering and making a false statement to a federally-insured financial institution over the PPP loan.
His attorney listed on court records did not immediately return a request for comment.
