Former car dealer sentenced for fraud & money laundering

Published 06/14 2012 03:05PM

Updated 06/14 2012 03:08PM

URBANA -- A former car dealer, with a lot in Manteno, will spend 3-1/2 years in federal prison and must pay $6.8 million in restitution to an area bank and credit company. 57-year old Thomas McClain, of Bourbonnais, must report to the Federal Bureau of Prisons on July 31.

He pleaded guilty in January to one count each of bank fraud and money laundering. McClain admitted making fraudulent entries to the dealership's financial statements creating positive month-end cash balances, when it actually had negative cash balances.

McClain also admitted submitting false statements to Ford Motor Credit and an area bank to secure a variety of loans and get new vehicles on credit to sell. The investigation into McClain's activities was conducted by the IRS Criminal Investigation Division, the FDIC Office of Inspector General and the FBI.

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