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.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.