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Defendant Sentenced to 7+ Years for Fraud in Dallas
In a major blow to financial trust in Dallas, Thomas Calhoun Bain, 75, was sentenced to more than seven years in federal prison for fraud, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.
Bain, who served as the treasurer of a Dallas church’s charitable foundation from 2016 to 2022, was responsible for transmitting monetary donations to organizations that supported gospel-based initiatives.
Instead, Bain pocketed the funds, totaling approximately $1.4 million, and used it to support his lifestyle, including rent on a home in Highland Park, a membership to a country club, domestic and international travel, and a vacation rental in Aspen.
During the same time period, Mr. Bain also defrauded investors through his company, BainTrade. Though he had no professional licenses, certification, training, or specific educational background, he represented to investors that he was a ‘Trader’ and falsely guaranteed an annual return of at least 8 percent on their investments with BainTrade.
In fact, Mr. Bain engaged in a Ponzi-type scheme, using new investor funds to make distribution payments to prior investors. He put remaining investor funds toward his high-end rental home, country club membership, and travel, bolstering his appearance as a wealthy and successful ‘trader.’
U.S. District Judge Jane Boyle ordered him to pay $1,725,551 in restitution to various victims. The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation, and Assistant U.S. Attorney Jenna Rudoff prosecuted the case.
Key Facts
- State: Texas
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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