PUBLISHED ON : SEPTEMBER 16, 2021 / 08:00 AM
Rapper and former Love & Hip Hop: Atlanta star Mo Fayne has been sentenced to 17.5 years in prison after his involvement in a PPP loan fraud scheme.
TMZ reports that legal documents reveal Fayne received the sentence after pleading guilty to six counts, including bank and wire fraud.
Prosecutors alleged Fayne enjoyed a lavish lifestyle during the pandemic by taking money from the Paycheck Protection Program. The funds from the program were intended to help employees and small businesses hit hard by COVID.
Fayne had cut a plea deal with prosecutors, who agreed to drop 14 other charges and recommended he get the 151-month sentence instead.
According to TMZ, the Department of Justice says Fayne submitted a $3.7 million PPP load application falsely claiming his trucking business had 107 employees and an average monthly payroll of $1,490,200.
Instead of using the PPP loan funds to retain workers and maintain payroll, he used it for improper purposes, including past-due child support, jewelry, a Rolls Royce and to start a new business in Arkansas.
In addition to prison time, Fayne will be required to undergo five years of supervised release and pay back $4,465,865.55 in restitution.
Photo: Mo Fayne Instagram (@arkansas_mo)
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