Last year, Love & Hip Hop star Maurice “Mo” Fayne was charged with federal bank fraud, and now he’s reportedly struck a guilty plea deal in the case.
Per TMZ, Fayne pled guilty to six counts of federal bank fraud after he allegedly used $2 million in Paycheck Protection Program loans during the COVID-19 pandemic to fund his lifestyle. The loan he received was part of the same program launched to help small businesses that have been hit particuarly hard during the pandemic, but Fayne allegedly spent over $1.5 million of such a loan on jewelry and child support.
In legal documents, it was revealed that Fayne has since been made to forfeit around $100,000 from various bank accounts, and all eight Kenworth T680 trucks he purchased. By going for a guilty plea, authorities have dropped 14 other charges against him. He’ll also be facing a maximum prison time of 151 months, which is around 12 and a half years, but before the plea deal he was facing up to 30 years behind bars.
Among the purchases he allegedly made with his $2,045,800 loan, Fayne bought a Rolex Presidential watch, a diamond bracelet, and a 5.73 carat diamond ring. Initially he denied the allegations, but changed his tune after authorities discovered $80,000 in cash at his home.
Mo has been behind bars since December, allegedly violating bond terms, but he won’t be sentenced until September. Before then, he’s asking for the judge to let him back out, and says he is not at risk of fleeing or a threat to his community. He also claims he’s at high risk of contracting COVID-19 due to his asthma, although all inmates are due to be vaccinated, and he’s also said he’s overdue to get surgery to treat a shoulder injury.
