Can you imagine how bad dude wanted to get back out in the streets/club with all his new ice, in his Wraith?
I guarantee a bar woulda been bought out somewhere
Atlanta Reality Star charged with federal bank fraud for misusing PPP Funds
- Thread starter King_of_Posts
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Can you imagine how bad dude wanted to get back out in the streets/club with all his new ice, in his Wraith?
I guarantee a bar woulda been bought out somewhere
Surprisingly, i agree with you. He was stupid.. but what he did shouldnt amount to an immediate felony charge. He definitely should be hit with a stupid tax tho. To make those purchases using his bank account was beyond idiotic.
They monitored funds and purchases. He was stupid enough to use his bank account for those transactions.
The bank probably viewed him as a high risk applicant to begin with and knew he would be an easy target to make an example of. They purposely do this to give criminal behavior a black face and justify future discriminatory lending practices.
You dont know that
I wouldn't respond to often to that fool he clearly just be typing to get a response
Confused. How you not use your bank account to make transactions.
Especially when the purchases are legal. He aint getting arrested for buying the shit
He getting arrested for using the wrong money for buying the shit. Hahaha. The difference is what matters.
Especially when the purchases are legal. He aint getting arrested for buying the shit
He getting arrested for using the wrong money for buying the shit. Hahaha. The difference is what matters.
ATL area. Home of BMF? Haha. Anyone buying anything is getting snitched on to the Feds.
Trust me. That place has more black people in fancy shit than anywhere in America (probably).
Trust me. That place has more black people in fancy shit than anywhere in America (probably).
I got 1k I think I’ll be ok
no that money is specifically for employee payroll. the grant money? do whatever you want. the payroll stimulus loans/grants are specifically for paying employees. had he had a brain about it he would have written checks out to 1099'd friends/family and recouped that.
When you are handed money you sign a contract for it's usage. End of story.
Probably more to the story then being reported. He may have falsified some documents.
If he didn't then white folks being white folks and he should have known better
The law does not require anyone to pay for items out of a bank account. Cash payments are legal tender. If he didn't falsify any documents to receive the loan then these are bullshit charges.
That's why everybody knows everybody's business down here. If you take care of your pets properly, somebody is telling on your ass. There are several that people I've never met that I've heard about Becuase folks use other people business as icebreakers for conversations. Now that the streets have somewhat slowed down, maybe folks can concentrate on minding their own damn business. Fuck it. Who am I kidding?
Anyone with good sense knows not to listen to you.
Nigga you read he got arrested right? You read they said it was criminal right?
The nigga in jail for real! Your opinion doesn't mean shit.
What you gonna do? Stand outside the jail saying "it aint a crime"?
You sound dumb af.
The nigga in jail for real! Your opinion doesn't mean shit.
What you gonna do? Stand outside the jail saying "it aint a crime"?
You sound dumb af.
The bank ultimately gave him a loan for more than $2 million.
“Within days, Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support,” Prosecutors said. “Such payments are not an authorized use of PPP funds under the CARES Act.”
I wonder if he was the one who started that BGOL thread on how to finesse the COVID process.
“Within days, Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support,” Prosecutors said. “Such payments are not an authorized use of PPP funds under the CARES Act.”
I wonder if he was the one who started that BGOL thread on how to finesse the COVID process.
Let's break it down.... how a grown ass man with a child(ten) spent $1.5 million dollars on material items but only $40,000 for his children?
Let's talk priorities people.
"Also there is no BGOL thread on how to finesse the COVID process"
Let's talk priorities people.
"Also there is no BGOL thread on how to finesse the COVID process"
The bank ultimately gave him a loan for more than $2 million.
“Within days, Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support,” Prosecutors said. “Such payments are not an authorized use of PPP funds under the CARES Act.”
I wonder if he was the one who started that BGOL thread on how to finesse the COVID process.
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And this isnt how bank fraud is typically applied or enforced. And certainly not in this timeline.
Use a different form of payment. This isnt that hard to figure out.
Looking at the press release, on his loan application he said his business had 107 employees and almost $1.5 million in monthly payroll expenses....the DOT docs and registration for Flame Trucking lists 2 trucks and 2 drivers....that wasn't gonna take long to figure out...
FOR IMMEDIATE RELEASE
Wednesday, May 13, 2020
Reality TV Personality Charged with Bank Fraud
A reality TV personality who stars in Love & Hip Hop: Atlanta, has been arrested on federal bank fraud charges arising from a Paycheck Protection Program (PPP) loan that he obtained in the name of Flame Trucking.
Maurice Fayne, aka Arkansas Mo, 37, of Dacula, Georgia, was charged with bank fraud and made his initial appearance this afternoon before U.S. Magistrate Judge Justin S. Anand.
“The defendant 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,” said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division. “The department will remain steadfast in our efforts to root out and prosecute frauds against the Paycheck Protection Program.”
“The defendant allegedly took advantage of the emergency lending provisions of the Paycheck Protection Program that were intended to assist employees and small businesses battered by the Coronavirus,” said U.S. Attorney Byung J. “BJay” Pak of the Northern District of Georgia. “We will investigate and charge anyone who inappropriately diverts these critical funds for their own personal gain.”
“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,” said Special Agent in Charge Chris Hacker of the FBI’s Atlanta Field Office. “The FBI and our federal partners remain vigilant during this Coronavirus pandemic to make sure funds provided by programs like PPP are used as intended.”
“The defendant allegedly egregiously sought personal gain from a program intended to assist hardworking Americans in this challenging time,” said Special Agent in Charge Kevin Kupperbusch of the Small Business Association Office of Inspector General (SBA OIG) Eastern Region. “SBA OIG and its law enforcement partners will aggressively pursue allegations of wrongdoing to maintain the integrity of SBA’s programs. I want to thank the U.S. Attorney’s Office and our law enforcement partners for their dedication and pursuit of justice.”
According to the charges and other information presented in court, Fayne is the sole owner of a Georgia corporation called Flame Trucking. On April 15, 2020, Fayne signed and submitted to United Community Bank (UCB) a PPP loan application in the name of Flame Trucking stating that the business had 107 employees and an average monthly payroll of $1,490,200. In seeking a loan in the amount of $3,725,500, Fayne certified that the loan proceeds would be used to “retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule.”
UCB ultimately funded the loan for $2,045,800. Within days, Fayne allegedly used more than $1.5 million of the PPP loan proceeds to purchase $85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73 carat diamond ring for himself, and to pay $40,000 for child support. Such payments are not an authorized use of PPP funds under the CARES Act.
On May 6, 2020, Fayne was interviewed by federal agents and admitted that he submitted a PPP loan application on behalf of Flame Trucking. Fayne claimed that he used all of the PPP loan proceeds to pay payroll and other business expenses incurred by Flame Trucking and denied using any of the PPP loan proceeds to pay his personal debts and expenses.
On May 11, 2020, agents executed a search at Fayne’s residence in Dacula and seized approximately $80,000 in cash, including $9,400 that Fayne had in his pockets, and the jewelry he purchased with the PPP funds, and further discovered a 2019 Rolls-Royce Wraith, which still had a temporary dealer tag on it. Agents also executed seizure warrants for three bank accounts that Fayne owned or controlled and seized approximately $503,000 in PPP funds.
The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through the PPP. In April 2020, Congress authorized over $300 billion in additional PPP funding.
The PPP allows qualifying small-businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1 percent. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities. The PPP allows the interest and principal to be forgiven if businesses spend the proceeds on these expenses within eight weeks of receipt and use at least 75 percent of the forgiven amount for payroll.
The charges are merely an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
The FBI and SBA OIG are investigating the case.
Assistant Chief L. Rush Atkinson of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Russell Phillips, Bernita Malloy, and Michael J. Brown of the Northern District of Georgia are prosecuting the case.
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Have them?
Right...lol.
The numbers don't add up.
They only seized 250k worth of shit... But they lied like he used 1.5 million of the loan.
Bro can you please share the indictment with us? Where can we find this. Very interested in reading it.
Sorry, I meant the press release from the DOJ. I've edited the post and included the release.
Looks like he falsified documents. That is why he is being charged. Being irresponsible with money if not a federal crime.
The problem is that muthafuckas can't sit the fuck down and shut the fuck up. And a lot of people have family spreaded around. By blood or by marriage, of too many ties due to raw no pull out. And on top of that, the bar/breastaurant scene puts all walks of life together at all times of the day.
And don't get started on all the young skanks from all of these colleges that are with couple hours from each other. And that's before you add the night life and strip club scene. Shit'll have you feeling like you're Micheal Douglas in that movie The Game. Everybody's scheming.
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No thats bank fraud.
Not quite, brother. He falsified details associated w/ the company he owns. There's a huge difference between 2 employees and 107 employees. In addition to that, he utilized federal funds that were intended to keep his small business afloat during a challenging economic time, for personal (and quite frankly, ridiculous) purchases.
Irresponsible and easy to prosecute, given there's a lengthy paper trail. This cat is almost certainly going to serve time for his mismanagement of said funds.
"Fayne was interviewed by federal agents on May 6 and admitted that he submitted a PPP loan application for Flame Trucking, however he denied using any of the funds for personal debt or expenses, saying that he used all of the PPP loan proceeds to pay payroll and other business expenses incurred by the company.
Agents searched Fayne’s residence in Dacula on May 11, seizing approximately $80,000 in cash, including $9,400 that Fayne had in his pockets, and the jewelry he purchased with the PPP funds. Agents seized approximately $503,000 in PPP funds after executing seizure warrants for three bank accounts that Fayne owned or controlled.
“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,” Chris Hacker, Special Agent in Charge of FBI Atlanta, said in a statement. “The FBI and our federal partners remain vigilant during this Coronavirus pandemic to make sure funds provided by programs like PPP are used as intended.”
The case is being investigated by the Federal Bureau of Investigation in conjunction with the Atlanta Complex Financial Crimes Task Force supported by the Gwinnett County Sheriff's Office and the Small Business Administration-Office of the Inspector General (SBA OIG).
“The defendant allegedly egregiously sought personal gain from a program intended to assist hardworking Americans in this challenging time,” Special Agent-in-Charge Kevin Kupperbusch of the SBA OIG Eastern Region said in a statement. “SBA OIG and its law enforcement partners will aggressively pursue allegations of wrongdoing to maintain the integrity of SBA’s programs.”
Agents searched Fayne’s residence in Dacula on May 11, seizing approximately $80,000 in cash, including $9,400 that Fayne had in his pockets, and the jewelry he purchased with the PPP funds. Agents seized approximately $503,000 in PPP funds after executing seizure warrants for three bank accounts that Fayne owned or controlled.
“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,” Chris Hacker, Special Agent in Charge of FBI Atlanta, said in a statement. “The FBI and our federal partners remain vigilant during this Coronavirus pandemic to make sure funds provided by programs like PPP are used as intended.”
The case is being investigated by the Federal Bureau of Investigation in conjunction with the Atlanta Complex Financial Crimes Task Force supported by the Gwinnett County Sheriff's Office and the Small Business Administration-Office of the Inspector General (SBA OIG).
“The defendant allegedly egregiously sought personal gain from a program intended to assist hardworking Americans in this challenging time,” Special Agent-in-Charge Kevin Kupperbusch of the SBA OIG Eastern Region said in a statement. “SBA OIG and its law enforcement partners will aggressively pursue allegations of wrongdoing to maintain the integrity of SBA’s programs.”
He doesn't understand not keeping the paperwork in order is being irresponsible. Purposely misspending tax dollars is criminal.
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You're such a fucking idiot man.
That's why they didn't charge him with being irresponsible with money, fuckass. They charged him...stay with me here...with CRIMES. Which are CRIMINAL.
Shut the fuck up more.
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