Shepherd Restaurateur Admits Stealing $75,000 in COVID Relief Funds

BILLINGS – The Feedlot Steakhouse’s owner in Shepherd has confessed to embezzling approximately $75,000 from a Small Business Administration (SBA) COVID-19 relief loan. Michael Eugene Bolte, 70, has pleaded guilty to theft of government money, property or records, according to U.S. Attorney Leif M. Johnson.

Bolte’s crime involved diverting the funds intended for his business into the purchase of vintage cars as investments. The plea agreement stipulates that he must return $74,800 and surrender a collection of classic vehicles, including a 1916 Studebaker and a 1941 Ford Super Deluxe.

Judge Susan P. Watters has scheduled sentencing for April 13, 2022, after which Bolte will likely face one year in prison, a fine of $100,000, and one year of supervised release.

“Federal programs don’t work when people cheat,” said U.S. Attorney Johnson, emphasizing the importance of integrity in applying for pandemic relief funds. “These government loan programs rely on the honesty of applicants, and those who try to defraud them will be prosecuted.”

The IRS Criminal Investigation unit, along with the SBA Office of Inspector General and the U.S. Attorney’s Office, conducted the investigation leading to Bolte’s conviction. Assistant U.S. Attorney Michael A. Kakuk handled the prosecution.

Consumers who suspect fraud in COVID-19 relief programs are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or filing a complaint online at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.