Love & Hip-Hop star Mo Fayne gets 17yeqr imprisonment for his role in a PPP loan fraud case.
According to new legal docs, obtained by TMZ, the “Love & Hip Hop: Atlanta” star was hit with the prison sentence after pleading guilty to 6 counts, including bank and wire fraud.
Prosecutors alleged he funded a lavish lifestyle during the pandemic with money from the Paycheck Protection Program. The money was 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 recommend Fayne get a 151-month sentence. Instead … the judge hit him with nearly 5 more years behind bars. The silver lining … he was staring down a possible 30-year sentence if he didn’t cut that deal, so take that for what it’s worth.
According to the Dept. of Justice … Fayne submitted a $3.7 million PPP loan application, falsely claiming his trucking business had 107 employees and an average monthly payroll of $1,490,200.
The feds say Fayne promised to use the PPP loan to retain workers and maintain payroll but instead used it for improper purposes … including $40k for past-due child support, $85k for for jewelry, $136k for a Rolls-Royce, and $907k to start a new business in Arkansas.
After he’s released from prison … Fayne will be on 5 years of supervised release. He also has to pay a huge restitution bill … a whopping $4,465,865.55.