North Miami rapper “$Rod” admits to defrauding the federal government

MIAMI – Prosecutors say money is the reason a rapper known as “Money Rod” will likely end up in prison.

Rodney McClain, also known as “$Rod,” told his fans that he grew up with a single mother who struggled with poverty in North Miami. He is known for the single “Money” which covers the classic “For The Love of the Money”.

Earlier this month, McClain, 35, admitted to misspent more than $113,000 of the Small Business Administration's $600,157 Paycheck Protection Program loan, which was intended to help businesses to stay afloat during the pandemic.

McClain, who lives in Atlanta, was supposed to spend it to pay salaries for Dreams Come True Records, a music production company he registered in North Miami Beach from 2010 to 2022.

The PPP loan application in question was submitted in 2020. According to federal prosecutors, it included “false information” about the music production company's payroll expenses in 2019 and 2020 and “two falsified IRS tax forms.”

In 2021, McClain told Rolling Out that “money and respect follow power” and he considered former President Donald Trump a role model because “he's a money man.” He later told Flaunt that his biggest expense was $700,000 on jewelry that he described as “VVS, ice that dances like Mike.”

McClain pleaded guilty to one count of wire fraud and agreed to relinquish his music rights, master recordings and musical compositions to repay the $113,000.

McClain awaited sentencing with U.S. District Judge Kathleen Williams on Aug. 29 in Miami. He faces up to 20 years in prison. The IRS-CI, Miami Field Office, investigated the matter.