#Love&HipHop: Atlanta star and rapper #MoFayne has been sentenced to 17.5 years in prison and must pay $4,465,866 in restitution for his role in a federal bank fraud. The 38-year-old reality TV personality pleaded guilty to six counts, including bank and wire fraud, after funding an over-the-top lifestyle during the pandemic with money from the #PaycheckProtectionProgram (#PPP). The money was meant to help small businesses and employees gravely impacted by C-19 keep their workers and maintain payroll. Fayne submitted a fraud $3.7million PPP loan application falsely claiming his trucking business - Flame Truckinig - had 107 employees and an average monthly payroll of $1,490,000, He used the money to buy $85,000 worth of jewelry; a $136,000 Rolls-Royce; $40,000 in past-due child support; and $90,000 to start a new business in #Atlanta, according to TMZ. Fayne cut a plea deal with prosecutors who agreed to drop 14 other charges and recommended he spend 151 months behind bars. On Wednesday a judge ruled 210 months in prison instead. If he didn't cut the plea deal the reality star faced a 30-year sentence for making the false statement to a federally-insured financial institution and money laundering, in addition to wire fraud in connection with a Ponzi scheme. Fayne first made headlines when he was arrested back in May 2020 for the crime. He was indicted in Georgia by a federal grand jury a month later. Authorities said that Fayne's Ponzi scheme involved him posing as the owner of Flame Trucking, a profitable trucking company, from August 2014 through May 2020. The business, however, never actually made enough money to cover its expenses, according to the US Attorney's Office. During that time, Fayne supposedly managed to get 20 people to invest over $5million in the company, promising to use the money to purchase and operate his trucks. Instead, authorities said, he used the money to 'pay his personal debts and expenses, and to fund an extravagant lifestyle for himself'. #SWIPELEFT https://www.instagram.com/p/CT3cvVqgPfn/?utm_medium=tumblr
