Banker Pleads Guilty to Loan Fraud

Allison Tussey —  February 27, 2013 — Leave a comment

John Cooper Bolt, Jr., 39, Greenville, South Carolina, pled guilty in federal court to mail fraud, a violation of Title 18, United States Code, Section 1341. Senior United States District Judge G. Ross Anderson, Jr. accepted the plea and will impose sentence after he has reviewed the presentence report which will be prepared by the U.S. Probation Office.

Evidence presented at the change of plea hearing established that Bolt was a commercial loan officer for BB&T.

On the side, Bolt owned and operated CAK Enterprises, which buys and sells used road construction equipment. Because of the downturn in the economy, CAK was struggling and needed capital. To secure a BB&T loan, Bolt used the personal information of a family friend. He falsely indicated on loan applications that this family friend operated SL Investments, which had an inventory worth $494,575. Neither this company nor the inventory exists.

To hide his actions from BB&T, Bolt opened up a Post Office box in Travelers Rest. Bolt needed this safe address so the bank could not trace the loans to him or an entity associated with him. In total, Bolt fraudulently obtained $900,000 in loans, $381,591.99 of which is still outstanding and payable to BB&T.

The maximum penalty Bolt can receive is a fine of $250,000 and/or imprisonment for 20 years, plus a special assessment of $100.

United States Attorney Bill Nettles announced the guilty plea.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorney Bill Watkins of the Greenville Office handled the case.

Allison Tussey

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