“Money Rod,” a/k/a “$Rod,” Pleads Guilty to COVID-19 Fraud Scheme.

Hip-hop artist and music producer, a/k/a “Money Rod,” a/k/a “$Rod,” 35, pled guilty to one count of wire fraud in relation to his COVID-19 relief fraud scheme.

As part of the plea, McClain, of Fulton County, Georgia, admitted in 2020, he caused a Paycheck Protection Program (PPP) loan application to be submitted for his company, Dreams Come True Records, LLC, a music production company with its principal place of business in North Miami Beach, Florida. The PPP application contained materially false information about Dreams Come True Records, LLC’s number of employees and payroll expenses in 2019 and 2020, including two falsified IRS tax forms submitted with the application. McClain received over $600,000 in PPP loan proceeds as a result of this fraudulent loan application, and he spent more than $100,000 of the fraudulently obtained loan proceeds on personal and other impermissible expenses.

McClain, as part of the plea, will have a forfeiture money judgment in the amount of over $113,000 entered against him, and he will forfeit his music rights, master recordings, and music compositions.

The sentencing hearing is scheduled for Aug. 29, before U.S. District Judge Kathleen Williams in Miami. McClain faces up to 20 years in prison for the wire fraud conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney Markenzy Lapointe for the Southern District of Florida and Special Agent in Charge Matthew D. Line of the IRS Criminal Investigation (IRS-CI), Miami Field Division announced the plea.

IRS-CI, Miami Field Office investigated the case. Assistant U.S. Attorney Emily R. Stone is prosecuting this case and handling asset forfeiture.

– United States Attorney’s Office Southern District of Florida.