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Rapper Mo Faynehas been going for a long, long time for his role in a PPP loan fraud case… he has just been sentenced to 210 months in prison, or 17.5 years.
According to new legal documents, obtained by TMZ, the “Love & Hip Hop: Atlanta” star was sentenced to jail after pleading guilty to 6 counts, including bank and wire fraud.
Remember … prosecutors alleged he funded a lavish lifestyle during the pandemic with money from the Paycheck Protection Program. The money was intended to help employees and small businesses hit hard by COVID.
Fayne had struck a plea deal with prosecutors … who agreed to drop 14 more charges and recommend that Fayne get a 151-month sentence. Instead… the judge hit him with almost 5 more years behind bars. The silver lining… he was considering a 30-year sentence if he didn’t make this deal, so take this for what it’s worth.
According to the Department of Justice… Fayne applied for a PPP loan of $ 3.7 million, incorrectly claiming that his trucking company had 107 employees and an average monthly payroll of $ 1,490,200.
Authorities said Fayne promised to use the PPP loan to retain workers and maintain payroll, but instead used it for improper purposes … including $ 40,000 for overdue child support, $ 85,000 for for jewelry, $ 136,000 for a Rolls-Royce and $ 907,000 to start a new business in Arkansas.
After his release from prison … Fayne will be on probation for 5 years. He also has to pay a huge restitution bill… a whopping $ 4,465,865.55.
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