A Shepherd man who owns the Feedlot Steakhouse in Shepherd, Montana, has been sentenced for COVID-19 relief loan fraud.
Bolte, 70, pleaded guilty in November 2021 to theft of government money, property or records, a misdemeanor, as charged in a superseding information.
U.S. District Judge Susan P. Watters presided over the case and ordered $76,989 restitution to the Small Business Administration (SBA). In addition, the government previously seized and Bolte forfeited four vintage automobiles purchased with the funds: a 1916 Studebaker, a 1929 Franklin, a 1939 Ford Deluxe, and a 1941 Ford Super Deluxe.
According to court documents, Bolte applied for a business loan under the Economic Injury Disaster Loan (EIDL) program on April 1, 2020, and signed a loan agreement for $74,800 on May 24, 2020. However, Bolte’s intent at the time of signing was to buy vintage automobiles as an investment, not as working capital for his business.
Assistant U.S. Attorney Michael A. Kakuk prosecuted the case, which was investigated by the IRS Criminal Investigation, with assistance from the SBA Office of Inspector General and the U.S. Attorney’s Office.
The government alleged that Bolte wrote a check for $75,000 for the purchase of the four vintage vehicles just 11 days after receiving the loan. The SBA would not have approved or funded Bolte’s loan had it known his intended and actual use of the funds.
Bolte was sentenced to three years of probation and ordered to pay restitution. The case highlights the importance of properly using government funds and the consequences of attempting to defraud the system.
Related Federal Cases
- Michael Eugene Bolte, SBA Loan Embezzlement, MT 2024 · Utah
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Key Facts
- State: Montana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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