Businessman Mo Fayne, best known as Karlie Redd’s boyfriend on “Love & Hip Hop Atlanta,” has pleaded guilty in the infamous PPP loan scandal.
Fayne 38, whose full name is Maurice Fayne and who made his splash on season 8 of the popular reality TV show, accepted a deal with the U.S. Department of Justice by copping to six counts of federal bank fraud, according to legal documents obtained by TMZ.
The feds said Fayne deliberately misappropriated the $2 million loan from the Paycheck Protection Program, which was designed to be an income safety net for employees during the apex of the pandemic in 2020, to fund a lavish lifestyle that only he benefitted from.
More specifically, Fayne reportedly used $85,000 of the loan to buy expensive jewelry and a luxury whip, pay down his child support and reconcile other personal debts.
He is facing many years behind bars, but it could have been much worse had he chosen to take the case to trial. As it stands, Fayne is staring at up to 12½ years in prison, but he could have gotten up to 30 years had he turned down the Justice Department’s plea deal.
Fayne is now looking to get out of jail until his sentencing hearing in September. His attorney told the court that Fayne wants to ready his daughter, who is headed to college in the fall. Plus, he suffers from chronic health conditions that make him particularly susceptible to the coronavirus. The judge has not yet ruled that Fayne’s being asthmatic and wanting to get his house in order will be sufficient reasons to let him out temporarily.
