DOJ: Reality star spent emergency loan on Rolex, Rolls Royce

14 Mai, 2020, 11:43 | Auteur: Christine Menetries
  • MauriceFayne1

Former reality TV star Maurice Fayne was hit with federal bank fraud charges Wednesday for allegedly spending a $2 million coronavirus relief business loan on expensive jewelry and child support payments.

Fayne, 37, applied for a federal loan to support his transportation business Flame Trucking during the coronavirus pandemic, stating in the application that the company had 107 employees with an average payroll of $1.49 million.

Maurice Fayne, who stars in "Love & Hip Hop: Atlanta", appeared before U.S. Magistrate Judge Justin S. Anand Wednesday, the Justice Department announced.

Asking for $3,725,500, he formally 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", records show.

Within days, Fayne bought himself a Rolex Presidential watch, a diamond bracelet and the fat diamond ring, while paying $40,000 in child support, Assistant Attorney General Brian A. Benczkowski said in a statement.

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A 2019 Rolls-Royce Wraith watch at the residence still had a temporary dealer tag on it. Fayne applied for a small business loan through the PPP program for his business "Flame Trucking", saying he had more than 100 employees with a payroll of almost $1.5 million a month. But on Monday, federal agents searched Fayne's home and seized the jewelry and around $80,000 in cash, including $9,400 Fayne had in his pockets, the release said.

The small-business loan program, known as the Paycheck Protection Program (PPP), is part of an unprecedented $2.2 trillion coronavirus economic package meant to reimburse businesses and households for lost income due to shutdowns and stay-at-home orders.

PPP loans were part of the CARES Act, a federal law created to provide emergency financial assistance to the millions of Americans suffering the economic fallout from the COVID-19 pandemic. They seized $503,000 in the funds from his bank accounts.

"The defendant allegedly stole money meant to assist hard-hit employees and businesses during these hard 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 in a statement.

READ the justice department press release here.

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