Rapper and former Love & Hip Hop: Atlanta star Mo Fayne has been sentenced to 17.5 years in jail after his involvement in a PPP mortgage fraud scheme.
TMZ reports that authorized paperwork reveal Fayne acquired the sentence after pleading responsible to 6 counts, together with financial institution and wire fraud.
Prosecutors alleged Fayne loved a lavish life-style in the course of the pandemic by taking cash from the Paycheck Safety Program. The funds from this system had been supposed to assist workers and small companies hit arduous by COVID.
Fayne had reduce a plea take care of prosecutors, who agreed to drop 14 different fees and advisable he get the 151-month sentence as a substitute.
Based on TMZ, the Division of Justice says Fayne submitted a $3.7 million PPP load utility falsely claiming his trucking enterprise had 107 workers and a mean month-to-month payroll of $1,490,200.
As an alternative of utilizing the PPP mortgage funds to retain employees and preserve payroll, he used it for improper functions, together with past-due baby assist, jewellery, a Rolls Royce and to begin a brand new enterprise in Arkansas.
Along with jail time, Fayne shall be required to bear 5 years of supervised launch and pay again $4,465,865.55 in restitution.