Rogers Man Sentenced to 100 Months for Fraud and Money Laundering
FAYETTEVILLE, AR—Conner Eldridge, United States Attorney for the Western District of Arkansas, David Resch, Special Agent in Charge, Federal Bureau of Investigation, Little Rock Office, and Christopher A. Henry, Special Agent in Charge, IRS Criminal Investigation, Nashville Field Office, announced today that James W. Bolt, 61, of Rogers, Arkansas, was sentenced to 100 months in federal prison for wire fraud, mail fraud, and money laundering. Bolt was also sentenced to three years of supervised release, ordered to pay his victims $2,514,082.28 in restitution, and ordered to pay a $50,000 fine. The sentence was imposed by the Honorable Timothy L. Brooks, U.S. District Court Judge for the Western District of Arkansas.
U.S. Attorney Eldridge commented, “The scheme that this defendant devised in order to defraud others to enrich his own lifestyle is inexcusable. I appreciate the collaborative efforts to investigate and dismantle the numerous schemes that this defendant devised. We are committed to working together to expose fraud and prosecute it to the fullest extent of the law.”
David Resch, Special Agent in Charge of the FBI in Little Rock stated, “Fraud schemes such as those perpetrated by Mr. Bolt, adversely affects many individuals in our society. The FBI is committed to examine these situations and work aggressively with other law enforcement for resolution.”
“Today’s sentencing demonstrates how federal law enforcement will band together to help put an end to the criminal behavior of those who prey on others for their personal financial gain. IRS Criminal investigators will continue to use their financial expertise to identify and trace laundered funds in these types of fraud schemes.” said Special Agent in Charge Christopher A. Henry.
The investigation revealed that beginning in late 2010, Bolt, operating under the cloak of a company called Situs Cancer Research Center in Rogers, Arkansas, commenced a sophisticated fraud scheme in which he utilized interstate wire transfers and mailings of fraudulent donation agreements to obtain unclaimed money and assets being held by the State of California. The fraudulent donation agreements contained forged signatures, false notary stamps, and listed fictitious persons. Once the assets were released by the State of California, Bolt had checks issued and wire transfers made so that the money was deposited into a Situs bank account which he controlled. He then used the money to purchase vehicles, airplanes, an office building, and a home. Bolt’s various fraud schemes netted him over $2,500,000.00 from his victims, which included a holding company that managed 401k assets for retirement plans and the money in the estate of a deceased Nevada woman.
A federal grand jury initially indicted Bolt on September 18, 2013, for four counts of wire fraud, six counts of mail fraud, and two counts of money laundering. On October 30, 2013, a federal grand jury returned a superseding indictment adding additional counts of mail and wire fraud.
On January 16, 2014, Bolt pleaded guilty to wire fraud, mail fraud, and money laundering.
This case was investigated by the U.S. Attorney’s Office, FBI, and IRS. Assistant U.S. Attorneys Glen Hines, Kyra Jenner, and Benjamin Wulff prosecuted the case for the United States.