OTHER NEWS - April 16, 1992
From Times Staff and Wire Reports
Auto Dealer’s Bail Set at $300 Million: Bail was set at $300 million for a wealthy auto dealer charged with bilking General Motors Corp. out of hundreds of millions of dollars in a scheme to sell nonexistent cars to foreign customers. John McNamara, 52, of East Setauket, N.Y., faces federal charges of mail fraud, wire fraud and money laundering. McNamara allegedly obtained more than $400 million in loans starting in 1980 from GM’s financing subsidiary, General Motors Acceptance Corp., to finance the cars for resale in the Middle East. GMAC financial analysts looked into McNamara’s dealings and could find no record that the vehicles existed.
