Jim Bolt Criminal Saga Reveals ‘A Certain Amount Of Genius'

by Gwen Moritz  on Monday, Jun. 30, 2014 12:00 am  

Bolt was called as a witness in a preliminary hearing in the state murder trial of Terry Nichols, who was already serving a life sentence in federal prison for his role in helping Timothy McVeigh plan the bombing of the Alfred P. Murrah Federal Building.

Bolt was called to testify about one or more photographs that supposedly showed the Murrah Building at the moment of explosion, evidence said to be in the possession of the Arkansas Chronicle’s “Washington bureau chief,” John Culbertson.

According to the Tulsa World, Bolt testified that Culbertson told him that no such photographic evidence existed. Then Bolt testified that he believed there was a photo of the blast but that he had never seen it.

Bolt’s testimony was cut short, however, when he began to complain of chest pain. He never returned to finish.

Misplaced Trust

Considering Bolt’s long and public history of crime and mischief, the most surprising thing to come from last week’s sentencing hearing was the revelation that Arvest Bank was the biggest victim of his latest scheme.

Cessario, the FBI agent, testified that the Fayetteville-chartered bank had to make good on a guarantee it issued when Bolt fraudulently claimed the $1.9 million that belonged to 401(k) accounts for former employees of Pacific Financial Research.

Arvest spokesman Jason Kincy said he could not comment “on any specific transaction or legal proceeding.” And he added, “Banks do have insurance that cover these types of transactions and potential losses, including Arvest Bank.”

In order to claim the PFR assets, Bolt was required to submit what Cessario called a “medallion stamp” from a bank, and he was somehow able to persuade an Arvest officer to issue one. (Whether Bolt was a regular Arvest customer is not known; the Situs account that he used for his unclaimed property scam was at Liberty Bank of Arkansas, which was subsequently acquired by Centennial Bank of Conway.)

When Bolt’s fraud was uncovered, Arvest was required to honor its guarantee, Cessario testified.

A medallion signature guarantee indicates that a financial institution is a member of a guarantee program, Kincy said, and medallions are commonly used to guarantee customer signatures when securities are transferred between parties.

Ancient History

 

 

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