Related Federal Cases
Shepherd Man Charged in $75,000 COVID-19 Relief Fraud Scheme
BILLINGS – Michael Eugene Bolte, 70, of Shepherd, owner of the Feedlot Steakhouse, pleaded not guilty to an indictment charging him with wire fraud and with engaging in transactions in property derived from specified unlawful activity.
The indictment alleged that from April 1, 2020 to about March 4, 2021, Bolte devised a scheme to defraud the Small Business Administration (SBA) by falsely certifying that loan proceeds were to be used as working capital for the business when in fact approximately $75,000 of loan proceeds were used for his own benefit.
According to Acting U.S. Attorney Leif M. Johnson, Bolte faces a maximum 20 years in prison, a $250,000 fine and three years of supervised release if convicted of the most serious crime.
The indictment includes a criminal forfeiture in which if convicted, Bolte would forfeit to the United States any real and personal property derived from the offense. Property to be forfeited includes four classic cars — a 1916 Studebaker, a 1929 Franklin, a 1939 Ford Deluxe and a 1941 Ford Super Deluxe.
Bolte was released pending further proceedings. U.S. Magistrate Judge Timothy J. Cavan presided.
The case was investigated by IRS Criminal Investigation, with assistance from the SBA Office of Inspector General and the U.S. Attorney’s Office. Assistant U.S. Attorney Michael A. Kakuk is prosecuting the case.
An indictment is merely an accusation and defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Key Facts
- State: Montana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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