OTHER NEWS - May 20, 1992
From Times Staff and Wire Reports
U.S. Seizes $400 Million From Car Dealer: Federal prosecutors seized more than $400 million in assets from a Long Island, N.Y., car dealer accused of defrauding General Motors Corp. of hundreds of millions of dollars in a phony loan scheme. Businessman John McNamara, who was arrested on April 15 after GM’s auditors discovered the alleged fraud scheme, did not contest a civil forfeiture proceeding brought by U.S. Atty. Andrew Maloney in Brooklyn federal court, Maloney said. The seizure of $436 million included McNamara’s interests in real estate, gold mines and golf courses as well as his automobile businesses in Port Jefferson, N.Y.
