Former Love & Hip Hop Atlanta cast member Arkansas Mo Fayne — born Maurice Fayne — made quite the impression on viewers, at first. Fans initially liked the idea of Arkansas Mo and Karlie Redd being an item. Arkansas Mo was a far cry from other men Karlie dated and was a self-made man with a successful trucking company. However, viewers quickly changed their tune once Karlie shed light on their abusive relationship.
Now, it appears that Fayne has other issues to worry about, including his prison stint. The former reality star was convicted of Paycheck Protection Program (PPP) loan fraud and given a stiff prison sentence. However, since a stipulation of his agreement is to pay restitution for his crime, social media has one question in mind: What is Fayne’s net worth? Read on to get your answer.
Fayne’s net worth is reportedly in the millions.
If you’ve watched LHHATL Season 8, you’re likely familiar with what Fayne does for a living. Aside from stepping into the reality TV world, Fayne owns a successful trucking business.
While most reality show salaries are a huge chunk of a celebrity’s net worth, that’s not the case for Fayne.
Some sources put Fayne’s net worth between $1 million and $3 million. Other outlets have reported that his nest egg currently sits at $4.5 million. This figure is strictly from his trucking business, Flame Trucking Company.
While Fayne has yet to confirm his exact net worth, it’s safe to assume that he’s in the million-dollar ball park.
Fayne was sentenced to 17.5 years in federal prison for PPP loan fraud.
You do the crime, you have to do the crime. Thanks to the coronavirus pandemic, many celebrities and everyday people alike who own businesses were able to find some reprieve through the PPP loan program.
The PPP loan program was put in place to help small businesses pay their workers throughout the pandemic. However, The Atlanta Voice reports that Fayne decided to take advantage of the financial help he received.
The outlet shares that Fayne was sentenced to 17 years and six months in federal prison after pleading guilty to conspiracy and wire fraud related to a Ponzi scheme, bank fraud, and making false statements to a financial institution related to a fraudulent PPP loan application on May 11, 2021.
Fayne will also have to serve five additional years of supervised release and has been ordered to pay restitution in the amount of $4,465,865.55 to the victims.
Fayne reportedly submitted a PPP loan application for $3.7 million to United Community Bank, falsely claiming that his trucking business had 107 employees and an average monthly payroll of $1,490,200, in April 2020.
Acting U.S. Attorney Kurt R. Erskine said in a statement, “Fayne ran a multistate Ponzi scheme that defrauded more than 20 people who invested in his trucking business. Fayne promised that he would use the investors’ money to operate the business.”
He continued, “Instead, he used the money to pay his personal debts and expenses and to fund an extravagant lifestyle for himself. During the scheme, Fayne spent more than $5 million at a casino in Oklahoma.”
Other improper purposes Fayne used the PPP loan funds for include $50,000 for restitution owed in a previous fraud case, $65,000 in cash withdrawals, $85,000 for custom-made jewelry, $136,000 to lease a Rolls-Royce, $230,000 to associates who helped him run a Ponzi scheme, and $907,000 to start a new business in Arkansas.
Authorities seized $617,000 from seven bank accounts, $136,000 used as a down payment on the 2019 Rolls-Royce, $79,482 in cash seized at Fayne’s residence, eight Kenworth T-680 trucks, six Great Dane refrigerated trailers, a $3,750 diamond ring, a $24,500 diamond bracelet, and a $52,000 Rolex watch during the investigation.
It’s understandable that the pandemic took a toll on a lot of people’s finances, but it’s not a plausible reason to commit fraud. Fayne is now going to spend a lot of time behind bars for his crimes.