Shepherd accused of buying classic cars with COVID relief loans | State and regional



Ever since the EIDL and the Paycheck Protection Program began as a lifeline for small businesses across the country, scammers have plagued both programs since their launch over a year ago. In a report released at the end of July, the Government Accountability Office found that the The SBA approved approximately $ 156 million to ineligible EIDL program applicants, which includes those who engage in fraud.

Bolte allegedly profited from the EIDL program by claiming that the proceeds from the loan would go to his business, according to the prosecution documents. From early April 2020 to March 2021, documents allege that he received the loans “by means of materially false and fraudulent pretexts, representations and promises,” using approximately $ 75,000 for his personal benefit.

If found guilty on either count, Bolte will also have to relinquish any property he purchased with that $ 75,000 from the federal government. The charge documents include four classic cars that could potentially be seized: a 1916 Studebaker, a 1929 Franklin, a 1939 Ford Deluxe, and a 1941 Ford Super Deluxe.

US trial judge Timothy J. Cavan presided over Bolte’s initial hearing. US Assistant Prosecutor Michael A. Kakuk is the prosecutor in this case. Charges have been filed in U.S. District Court for the District of Montana following an investigation by the IRS Criminal Investigation, according to a statement from the Montana Department of Justice. Assistance from the SBA Inspector General’s Office and the United States Attorney’s Office.


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