Owner of Taylors Business Pleads Guilty To Fraud

The U.S. Attorney's Office announced Tuesday that the owner of a Taylors business pleaded guilty to mail fraud. 

John Cooper Bolt Jr, the 39-year-old owner and operator of CAK Enterprises in Taylors, pleaded guilty in federal court in Anderson. 

Evidence presented during the proceedings established that Bolt's business, which buys and sells used road construction equipment, badly needed more capital due to the poor economy. 

In order to secure a loan from BB&T, Bolt used the personal information of a family friend, and misrepresented to bank officers that the friend operated "SL Investments," which had a nearly half-million dollar inventory. Neither the business, nor the inventory actually existed. To secure a BB&T loan, Bolt used the personal information of a family friend.  

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, according to the U.S. Attorney's Office.

In total, Bolt fraudulently obtained $900,000 in loans, $381,591.99 of which is still outstanding and payable to BB&T.  

The maximum penalty Bolt can receive is a fine of $250,000 and/or imprisonment for 20 years, plus a special assessment of $100.       

The case was investigated by agents of the FBI. Assistant United States Attorney Bill Watkins of the Greenville office handled the case.