The charges are related to the Paycheck Protection Program (PPP), a federal program designed to help small businesses make ends meet while they have been closed or severely restricted by local governments due to the coronavirus outbreak.
The reality star allegedly used the funds to pay for luxuries such as a Rolls-Royce and custom jewelry, and restitution in a previous fraud case, officials said.
The DOJ also said that Fayne has been charged with wire fraud due in connection to a Ponzi scheme.
“Despite the difficult times the recent Coronavirus pandemic has caused, the FBI and our federal partners continue to be vigilant in making sure funds provided by programs like [Paycheck Protection Program] are used as intended,” Chris Hacker, the special agent in charge of the Atlanta FBI office, said in the news release.
According to the news release, Fayne, who is out on bond, denied an interview with federal officials in relation to the charges.
Officials say that the trucking business Fayne filed for the loan under never made enough money to cover its expenses and that he encouraged people to invest in order to fund his luxurious lifestyle.
Fayne’s attorney did not immediately respond to 360aproko’ request for comment.
