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ARTICLE · 02 JUNE 2020

Purchasing A Rolls-Royce Is Not A Permissible Use Of PPP Funds

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Federal prosecutors continued to quickly respond to PPP loan fraud, bringing two additional cases that allege clear misuse of the funds intended for small businesses.

United StatesCriminal Law
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Federal prosecutors continued to quickly respond to PPP loan fraud, bringing two additional cases that allege clear misuse of the funds intended for small businesses. In one case, prosecutors in Georgia charged reality TV personality Maurice Fayne, aka "Arkansas Mo" of "Love & Hip Hop: Atlanta" fame, with bank fraud for allegedly using $1.5 million of a $2 million PPP loan to maintain his luxury lifestyle. Fayne allegedly used the funds on a Rolls- Royce, jewelry, including a Rolex Presidential watch, a diamond bracelet and a 5.73-carat diamond ring, and child support payments. Fayne has denied the allegations and claimed he properly applied for the loan for his business, Flame Trucking.

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