A star of VH1's 'Love & Hip Hop: Atlanta' was sentenced to more than 17 years in federal prison after applying for a loan meant for businesses struggling during the pandemic to cover expenses from a long-running Ponzi scheme.
Sept. 17, 2021, 2:02 PM UTCA star of VH1's"Love & Hip Hop: Atlanta" was sentenced to more than 17 years in federal prison after applying for a loan meant for businesses struggling during the pandemic to cover expenses from a long-running Ponzi scheme, the Justice Department said Wednesday.
The U.S. Attorney's Office statement said that Fayne had run a multistate Ponzi scheme from March 2013 to May 2020, and defrauded more than 20 people who invested in his trucking business. In April of last year, Fayne submitted a $3.7 million PPP loan application, falsely claiming that the trucking business had 107 employees and a monthly payroll of $1,490,200.
Instead Fayne used the funds to start a new business in Arkansas, pay associates who helped him run the Ponzi scheme and pay past-due child support, prosecutors said. He also paid money owed from a previous fraud case and spent $85,000 on custom-made jewelry.
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