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 obtained the sentence after pleading responsible to 6 counts, together with financial institution and wire fraud.
Prosecutors alleged Fayne loved a lavish life-style throughout the pandemic by taking cash from the Paycheck Safety Program. The funds from this system have been supposed to assist staff and small companies hit arduous by COVID.
Fayne had reduce a plea take care of prosecutors, who agreed to drop 14 different prices and advisable he get the 151-month sentence as an alternative.
In accordance with TMZ, the Division of Justice says Fayne submitted a $3.7 million PPP load software falsely claiming his trucking enterprise had 107 staff and a median month-to-month payroll of $1,490,200.
As a substitute of utilizing the PPP mortgage funds to retain staff and keep 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 will likely be required to bear 5 years of supervised launch and pay again $4,465,865.55 in restitution.