Robert Craig 'Bob' Smith, Bank Fraud, Arkansas 2023

Bank Fraud Lands El Dorado Man in Prison

El Dorado, AR - Robert Craig 'Bob' Smith, 55, of El Dorado, Arkansas, was sentenced to 24 months in federal prison followed by five years of supervised release and ordered to pay $850,399.79 in restitution on two counts of Bank Fraud.

According to court records, Smith, the owner and operator of Working Chemical Solutions, Inc. (WCS), a Delaware corporation located in El Dorado, Arkansas, obtained two loans and extensions to those loans for his company, WCS, through Timberland Bank in El Dorado, Arkansas.

Smith secured these loans with a security interest in all stock and other instruments, general intangibles and contract rights, including the 'C'mere Deer' formula, confidential information, and trademarks. He subsequently sold the 'C'mere Deer' formula, confidential information, and trademarks to Environmental Science Technologies, LLC for $500,000 in December 2006.

Smith paid Timberland Bank $149,035.21 out of the $500,000.00 and kept $350,964.79 for the use of WCS or his personal use.

Smith also opened business checking accounts in the names of ATS Scientific Group of Louisiana, LLC and Wells Safety and Technical Products of Louisiana, LLC at First Guaranty Bank in Dubach, Louisiana. He also opened business checking accounts in the names of Gilbo, LLC and RCS Investment Trust at First Financial Bank in El Dorado, Arkansas.

In March of 2016, during an audit by First Financial Bank's Internal Audit Department, it appeared that Smith was kiting checks between his Gilbo, LLC and RCS Investment Trust accounts at First Financial Bank and checks drawn on the ATS Scientific Group of Louisiana, LLC and Wells Safety and Technical Products of Louisiana, LLC accounts at First Guaranty Bank.

Smith was named in a six count indictment and plead guilty to counts three and six in September 2018. This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Mark Webb prosecuted the case for the United States.

Mandatory Facts:

• Defendant/Respondent: Robert Craig 'Bob' Smith
• Criminal Charges: Two counts of Bank Fraud
• City and State: El Dorado, Arkansas
• Date: Not specified (sentencing, arrest, or crime date not provided)
• Sentence or Outcome: 24 months in federal prison followed by five years of supervised release and ordered to pay $850,399.79 in restitution
• Dollar Amount: $850,399.79

Source: https://www.justice.gov/usao-wdar/pr/el-dorado-man-sentenced-24-months-federal-prison-bank-fraud