He was the treasurer of a Dallas church, now he will spend the next seven years behind bars.
A judge sentenced Thomas Bain to seven years in prison after he pleaded guilty to fraud back in March. He was also ordered to pay close to $2 million dollars in restitution.
Bain served as the treasurer of a Dallas church’s charitable foundation from 2016 to 2022 and recommended the foundation issue 15 large donations to an entity he claimed furthered the church’s mission. 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.
At the same time, Bain was also accused of defrauding investors through his company, BainTrade, creating a Ponzi-type scheme and ripping them off of more than $871,000.
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