Arkansas Mo Indicted On Bank & Wire Fraud, Accused Of Running Ponzi Scheme

Arkansas Mo was indicted on Wednesday on multiple fraud charges and he’s accused of running a Ponzi scheme for over six years. 

The additional charges comes one month after the former “Love & Hip Hop: Atlanta” cast member was arrested and cased up for misusing $2 million from the Paycheck Protection Program to fund his lavish lifestyle.

Related: Arkansas Mo Arrested, Charged With Fraud After He Balled Out With $2M Paycheck Protection Program Loan

According to a news release, prosecutors say, Mo, real name Maurice Fayne, has swindled 20 folks out of $5 million since 2014 by promising to use their investment to purchase and operate his phony transportation business, Flame Trucking.

Fayne posed as the owner of a profitable trucking business.

In truth, Fayne’s trucking business never generated enough revenue to cover its expenses.

Instead, Fayne used the investors’ money to pay his personal debts and expenses and to fund an extravagant lifestyle for himself.

During the wire fraud scheme, Fayne transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses.

Arkansas Mo has been indicted on charges of bank fraud, wire fraud, making a false statement to a federally insured financial institution and money laundering.

So far, the feds have seized more than $600,000 from Mo’s six bank accounts, $80,000 in cash from his Dacula home, eight Kenworth semi trucks, six refrigerated trailers, his leased Rolls Royce, and $80,000 worth of jewelry.

Arkansas Mo is currently out on bond as he awaits trial. 

Source: AJC

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