EL DORADO, AR (KSLA) - An El Dorado, Arkansas man plead guilty Friday morning to two counts of bank fraud after he reportedly used money from a business loan for personal use.
According to court records, the first count against 55-year-old Robert Graig "Bob" Smith came while he was the owner and operator of Working Chemical Solutions, Inc. (WCS).
The company is known for making chemical products to attract wild game. Two of the products are known as "Wild Game Attractant" and "C'mere Deer".
Court records show that Smith received two loans for his company through Timberland Bank in El Dorado, Arkansas.
According to court records, Smith sold the "C'mere Deer" formula, confidential information and trademarks to Environmental Science Tehnologies, LLC for $500,000 in December 2006.
After the sale, Smith reportedly paid Timberland Bank $149,035.21 out of the $500,000.
According to court records, Smith kept the remaining funds for his company or his personal use.
The second count filed against Smith reportedly stems from him allegedly opening business checking accounts.
He reportedly opened the accounts under multiple business names including Wells Safety and Technical Products of Louisiana, LLC and First Guaranty Bank in Dubach, Louisiana.
In March of 2016, an audit revealed Smith was "kiting" checks between accounts.
According to court records, both charges against Smith carry a maximum 30-year sentence and a fine of $1,000,000.