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        <title><![CDATA[Indicted ‘Love & Hip Hop’ star accused of running $5M Ponzi scheme]]></title>
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        <link>https://usagag.com/2020/06/25/indicted-love-hip-hop-star-accused-of-running-5m-ponzi-scheme/</link>
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            <media:title type="html">Indicted ‘Love & Hip Hop’ star accused of running $5M Ponzi scheme</media:title>
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        <content:encoded><![CDATA[<p><span data-preserver-spaces="true">The “Love &amp; 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.</span></p><p><span data-preserver-spaces="true">Maurice “Mo” Fayne — who appeared in the reality-TV show’s eighth season — was <strong>indicted Wednesday by a federal grand jury</strong> for lying to get a $3,725,500 Paycheck Protection Program (PPP) loan, the feds said.</span></p><p><span data-preserver-spaces="true">He claimed it would pay 107 workers and expenses at a trucking firm &#8212; but instead blew it on his extravagant lifestyle, including custom-made jewelry and $136,000 to lease a 2019 Rolls-Royce, prosecutors said.</span></p><p><span data-preserver-spaces="true">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.</span></p><p><span data-preserver-spaces="true">The reality star &#8220;posed as the owner of a profitable trucking business&#8221; whereas, in fact, the firm &#8220;never generated enough revenue to cover its expenses,&#8221; prosecutors said in a statement.</span></p><p><span data-preserver-spaces="true">&#8220;Nevertheless, Fayne caused approximately 20 individuals to invest over $5 million in his trucking business,&#8221; the statement said.</span></p><p><span data-preserver-spaces="true">&#8220;Fayne used the investors’ money to pay his personal debts and expenses, and to fund an extravagant lifestyle for himself.&#8221;</span></p><p><span data-preserver-spaces="true">He even &#8220;transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses,&#8221; the release says.</span></p><p><span data-preserver-spaces="true">Fayne, who was first arrested May 11, is out on bond, according to court records.&nbsp;</span></p><p><span data-preserver-spaces="true">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.</span></p><p><span data-preserver-spaces="true">His attorney listed on court records did not immediately return a request for comment.&nbsp;</span></p>]]></content:encoded>
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