Tom McClain Ordered To Pay 6.8 Million
Everyone in Manteno knows the name “McClain”. Manteno’s Don McClain Ford has been a fixture in this town for many years. Tom McClain (57) was the owner of this car dealership. He has been ordered to pay $6,800,000 to two companies that he defrauded. These two companies are Homestar bank ($5.4M) and the Ford Motor Credit company ($1.4M). U.S. District Judge Michael McCuskey also sentenced Mr. McClain to 3 and a half years in jail. Tom McClain pleaded guilty to both bank fraud and money laundering. He is scheduled to report to federal prison on July 31st.
Tom McClain’s crimes are becoming very common-place in the USA. The wealthy in this country have been doing whatever they have to in order to make their millions. Greedy companies and people are responsible for most of the financial problems we are facing today. Tom McClain “fixed” his financial reports. Instead of reporting large losses he reported the opposite. He also used these fraudulent reports to secure more loans.
Tom McClain represents everything that is wrong with the wealthy. They lie, cheat and steal in order to keep the money rolling in and to maintain their luxurious lifestyles. It certainly sickens me to write about people like this.
Hopefully Mr. McClain enjoys his stay in federal prison.