A Rogers man accused of using his alternative cancer research clinic as part of a mail, wire fraud and money laundering scheme pleaded not guilty Monday afternoon in federal court in Fayetteville.
James W. Bolt, 60, faces four counts of mail fraud, six counts of wire fraud and two counts of money laundering. Bolt was given a Nov. 18 trial date with U.S. District Judge Jimm Hendren presiding.
Bolt faces up to 20 years in prison and fines up to $250,000 on each count of wire and mail fraud. He faces up to 10 years and fines up to $250,000, or not more than twice the amount of money involved, on each money laundering count. Each count could also carry a term of three years supervised release.
There are also forfeiture proceedings.
Bolt will remain in the Benton County Jail while awaiting trial.
Federal prosecutors allege Bolt used forged documents to get control of unclaimed property and money belonging to two California companies, Pacific Financial Research and In House Pharmacies that did business as Community Medical Pharmacy. The scheme began in October 2010.
Bolt, according to the indictment, created the false appearance that businesses he controlled, including Situs Cancer Research Center, Woodland Cancer Research Center and Life Preservers, were the rightful owners of the money or property. The forged documents purported to show the two defunct companies had donated assets to Bolt’s companies.
The wire fraud counts are related to Pacific Financial Research and included wire transfers of $1.3 million, $440,000 and $116,000 to Bolt or his companies, according to the indictment.
The mail fraud charges relate to In House Pharmacies and include checks of $47,500, $63,240, $30,130, $3,365 and $9,160 that were sent to Situs.
The money laundering is related to cashier’s checks issued from a Situs account at a bank in Rogers. The checks were for $208,394 and $660,626.
Prosecutors say Bolt took money from the scheme and used it to pay for personal expenses, cars, airplanes and property debts.
The forfeiture action seeks seven vehicles, five airplanes and three pieces of real estate in Rogers.