'The defendant allegedly stole money meant to assist hard-hit employees and businesses during these difficult times,' said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division
A representative for Fayne did not immediately respond to PEOPLE's request for comment.
Fayne, 37, had obtained the loan in the name of Flame Trucking — a Georgia corporation that he is the sole owner of, according to the U.S. Department of Justice. Fayne had requested a loan in the amount of $3,725,500 and certified that the loan would be used to "retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule."According the U.S. Department of Justice, Fayne allegedly used over $1.5 million of the loan to buy $85,000 worth of jewelry, including a Rolex Presidential watch, a diamond bracelet and a 5.73 carat diamond ring.
When Fayne was interviewed by federal agents about the spending on May 6, he allegedly denied using the money for personal expenses, according the U.S. Department of Justice.
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