Money Laundering, Terrorist Financing and Financial Crime
Tuesday, July 7, 2020
REALITY TELEVISION STAR CHARGED WITH USING PPP LOAN TO FUND PONZI SCHEME
Reality TV star MAURICE FAYNE, of Love & Hip Hop: Atlanta has been indicted in US DIsitrict Court in Atlanta on multiple fraud charges. It is alleged that he used a multi-million dollar COVID-19 Paycheck Protection Program (PPP) loan to perpetuate a Ponzi scheme he was operating at his trucking firm. Investors thought the defendant was operating a profitable trucking business, when he was using new investors' money to pay old investors, rent a Rolls Royce, and fund an extravagant life style. Federal agents have seized substantial personal assets of the defendant, including his trucking fleet and equipment.
Fayne was charged with:
(1) Bank Fraud.
(2) Money Laundering.
(3) Making a False Statement to a Federally-insured Financial Institution.