MINNEAPOLIS — Businessman Michael Catain, who is in federal custody after bilking $14,000 from a carwash, wants out of jail and his attorney has filed a motion seeking his release, the Star Tribune reported.
In an earlier story from Professional Carwashing and Detailing, it was reported that
Tom Petters and two of his associates, Catain and Deanna Coleman were part of a “mammoth” investment fraud scheme in they were hiding or obtaining cash illegally from different businesses. Catain allegedly took the $14,000 from the Bay Car Wash, which he owns in Excelsior, MN.
The Feb. 4 Star Tribune story said Catain’s attorney, Michael Colich, asked that he be placed under house arrest and removed from any sort of management role with the carwash. Colich argued that Catain, 52, poses zero flight risk and is not a danger to the community and that his use of the $14,000 was not for devious nor malicious purposes.
“The funds retained by Mr. Catain at all times were used to pay bills previously owed, new bills, expenses related to the seizure of all his properties and the miscellaneous day-to-day expenses of Bay Car Wash,” Colich wrote, according to the story.
To read the complete story, click here.
For related information, click here.
To return to today’s news, click here.
To discuss this topic with other industry professionals, click here.
For a free subscription to PC&D e-News, the twice-weekly news service for the professional car care industry, click here.
For a free introductory subscription (or subscription renewal) to Professional Carwashing & Detailing magazine, the leading publication for the car care industry, click here.
