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Mug Shot Monday – Soon to be Working on the Chain Gang

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March 11, 2013

By Bob Coleman
Editor, Coleman Report

 A BB&T commercial loan officer in South Carolina had a side gig. He owned a company that brokered used road construction equipment.

You already know where this is heading.

Says the FBI, “ 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.”

Our Monday morning fraudster pled guilty to one count of mail fraud and faces the obligatory 20 years in jail, a $250,000 fine, restitution and a special assessment fine of $100. (That’s not a typo by the way. It’s $100. We don’t make this stuff up!)

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