'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
Mo Fayne was recently sentenced to 17 years of prison after being arrested on charges of bank fraud and conspiracy.
He owns Flame Trucking in Georgia and applied for a PPP loan of $3.7 million at United Community Bank in 2020. However, he was given only $2 million.
According to prosecutors, he used the loan to purchase items including jewelry worth $85,000 comprising of a Rolex Presidential watch, a diamond bracelet, and a 5.73 carat diamond ring.
He even leased a 2019 Rolls Royce Wraith and made his loan payments. He also paid $40,000 for child support. Acting U.S. Attorney Kurt R. Erskine said,
“Fayne planned to use the PPP program as a cover for his long-running Ponzi scheme. The funds the program supplies serve as a lifeline to many businesses desperately trying to stay afloat during the pandemic, and unfortunately his fraud helped deplete those precious dollars.”
Mo Fayne applied for the loan to pay the salaries of 107 employees in his company. He has also been charged with running a multi-state Ponzi scheme that illegally obtained money from several people between 2013 and 2020.
Apart from the 17 years in prison, he has to face a probation of five years and must return $4.5 million to his victims.
Net worth of Mo Fayne
Mo Fayne is a 38-year-old businessperson and reality TV star. He appeared on the eighth season of the VH1 hip-hop reality show, Love & Hip-Hop: Atlanta.
According to hollywoodmagazine.com, his net worth is approximately $1 to $4.5 million. This includes earnings from his shipping, trucking, and railroad industries.
He made a lot of money in 2012 as the owner of Fayne Trucking LLC. Ooida Risk Retention Group, Inc. was his insurance agent with a coverage of $1,000,000 till October 2013.
The trucking company’s owner made an agreement with the carrier for insurance of $5,000 for every vehicle, $10,000 for freight insurance incidents, and $75,000 for bond and trust funds.
Mo Fayne’s fiancée Karlie Redd is also popular as a rapper and reality star, and her net worth is around $12 million. She booked almost 40 television modeling gigs while she was only 16.
Since he has not revealed much about his personal life, Mo Fayne’s real name is Maurice Fayne. However, his date of birth is unknown. He was born in Little Rock, Arkansas in the United States and is currently a resident of the United States of America.
The rapper also had a brother who passed away at the age of 14 under mysterious circumstances.
