Ponzi scheme

FreightWaves reviews the most read fraud fiascos from the past year

A previously convicted fraudster ran a Ponzi scheme and bilked investors out of $40 million in a truck investment venture, then used the money to pay personal expenses, feds say.

A federal grand jury indicted reality TV star and trucking company owner Maurice Fayne, aka “Arkansas Mo,” charging him with wire fraud, bank fraud and money laundering.