Maurice Fayne, who also goes by Arkansas Mo, is a naughty boy.
Fayne the Fraud was charged with bank fraud after prosecutors say he took advantage of the Paycheck Protection Program (PPP) by stealing money meant to assist his employees and using it to buy self-indulgent crap.
“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 in a statement sent to media Wednesday evening. “The department will remain steadfast in our efforts to root out and prosecute frauds against the Paycheck Protection Program,” reported WDUN
U.S. Attorney Byung J. “BJay” Pak says Fayne submitted a PPP loan application in the name of his company, Flame Trucking, stating that he had 107 employees with a monthly payroll of $1,490,200.
Fayne eventually received a loan of $2,045,800.
Fayne allegedly (which means he did) used more than $1.5 million to pay $40,000 in child support, make loan payments and lease of 2019 Rolls Royce Wraith. He also purchased $85,000 worth of jewelry, including a Rolex Presidential watch, diamond bracelet, and 5.73 carat diamond ring.
Editor’s Note: Can PPP funds be used for attorney fees? Because Arkansas Mo is going to have a lot of those moving forward.
Katz comments in the clip below.