On Wednesday, however, authorities said Fayne also ran a Ponzi scheme and used his trucking business to cheat investors out of millions of dollars over nearly six years.
“Fayne posed as the owner of a profitable trucking business,” prosecutors said in a news release. “In truth, Fayne’s trucking business never generated enough revenue to cover its expenses.”
Authorities said he convinced about 20 people to invest more than $5 million into his business since 2014, promising to use the funds to purchase and operate trucks.
“Instead, Fayne used the investors’ money to pay his personal debts and expenses, and to fund an extravagant lifestyle for himself,” prosecutors said. “During the wire fraud scheme, Fayne transferred more than $5 million to a casino to cover his personal gambling and entertainment expenses.”
Fayne was indicted Wednesday on charges of bank fraud, wire fraud, making a false statement to a federally insured financial institution and money laundering, prosecutors said in a news release.
So far, federal investigators have seized more than $600,000 from Fayne’s six bank accounts, nearly $80,000 in cash from his Dacula home, his leased Rolls Royce, eight Kenworth semi trucks, six refrigerated trailers and three pieces of jewelry worth more than $80,000.
Fayne is out on bond as he awaits trial, according to a spokesman for the U.S. Attorney’s Office.
In other news:
The Georgia Senate, and then the House, approved a new hate crime law Tuesday but only after some last-minute changes threatened to derail the process.