LHHATL’s Mo Fayne Accused Of Running $5 Million Ponzi Scheme Amid $3 Million Covid Fraud Indictment

 LHHATL’s Mo Fayne Accused Of Running $5 Million Ponzi Scheme Amid $3 Million Covid Fraud Indictment

Courtesy of Gossip On This

Maurice “Mo” Fayne, star of “Love & Hip Hop: Atlanta” has been charged for running a $5 Million dollar Ponzi scheme amid his multimillion dollar Covid-19 fraud case.

Fayne—indicted Wednesday for allegedly scamming $3,725,500 from the Paycheck Protection Program and using the funds for his personal expenses in the wake of the global health crisis—has also been charged with wire fraud. Feds believe he was involved in a $5 million six-year Ponzi scheme to help cover expenses for his gambling addiction.

Prosecutors claim the LHHATL star has been “pos[ing] as the owner of a profitable trucking business,” despite the fact that the firm “never generated enough revenue to cover its expenses,” per reports. “Nevertheless, Fayne caused approximately 20 individuals to invest over $5 million in his trucking business,” the prosecutors’ statement reads. “Fayne used the investors’ money to pay his personal debts and expenses, and to fund an extravagant lifestyle for himself.” It goes on to specify that he “transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses.”

Altogether, the LHHATL star—previously married to VH1 honey Karlie Redd—is accused of bank fraud, money laundering and making a false statement to a federally-insured financial institution over the PPP loan.

Check out the couple in scandalous times on Love and Hip Hop down below.

Diamond Jeune

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