NW Arkansas Businessmen Indicted for Felony

by Arkansas Business Staff  on Monday, Nov. 6, 2006 12:00 am  

Not that we weren't sure when we whispered it two weeks ago, but for the record: Jim Bolt, John Dodge, Melvin Robinson and Leroy Hoback have, in fact, been indicted by a federal grand jury in Fayetteville on nine felony counts related to their attempts to raise capital for a Rogers company that they claim has a promising treatment for cancer.
The four are charged with one count of conspiracy to commit securities fraud, mail fraud and wire fraud; seven counts of wire fraud; and one count of mail fraud.
The indictment lays out the same scenario first revealed when the FBI filed a criminal complaint in August: that they offered to pay a hidden kickback to a stockbroker who said he could deliver a $3 million investment in their company, Shimoda-Atlantic.
Unfortunately, the stockbroker was an undercover FBI agent.
The FBI's complaint was dismissed on Sept. 11. The grand jury indictment was handed down Sept. 27 but was sealed until Oct. 27. All four defendants are being represented by court-appointed lawyers and are scheduled for trial on Dec. 11.



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