The Daily Caller reports, “Love & Hip Hop: Atlanta” star Maurice Fayne also known as Arkansas Mo, allegedly tried to take advantage of the coronavirus pandemic and took a small business loan which was meant to help employees and small businesses hit hard by the COVID-19 pandemic relief – but used it to bankroll his lavish lifestyle.
The reality star allegedly embarked on an epic spending spree and used the $2 million loan to buy a Rolex and diamond jewelry, according to a report published by the Daily Beast.
Fayne “allegedly stole money meant to assist hard-hit employees and businesses during these difficult times, and instead greedily used the money to bankroll his lavish purchases of jewelry and other personal items,” according to Assistant Attorney General Brian A. Benczkowski.
The PPP was launched on April 3 as part of the $2.2 trillion CARES Act. The program was designed to give loans to small businesses to help lessen the economic burden caused by the coronavirus pandemic. The funds reportedly ran out after less than two weeks.
Fayne, 37, applied for a PPP loan through his trucking company Flame Trucking. He originally applied for a $3,725,500 loan to pay the 107 employees he claimed he had on his payroll, court documents obtained by the Daily Beast showed.
Instead, Fayne used the roughly $2 million loan he received to buy a Rolex watch, a 7.73 carat diamond ring and a diamond bracelet, federal authorities alleged.
Federal authorities also alleged he spent the cash on child support and the lease on a 2019 Rolls Royce Wraith.
“At a time when small businesses are struggling for survival, we cannot tolerate anyone driven by personal greed, who misdirects federal emergency assistance earmarked for keeping businesses afloat,” FBI Atlanta Special Agent Chris Hacker said.