Bolt Founder Sued by Private Equity Firm for Alleged Loan Scheme

A private equity firm sued Bolt Financial Inc. founder Ryan Breslow, claiming he stacked the board with loyalists to shield himself from accountability over a scheme to siphon $30 million from the payments business.

The investor lawsuit accuses Breslow of illegally firing three corporate directors who pushed back against his plan to pocket a $30 million personal loan guaranteed by Bolt, even after his default led the lender, JPMorgan Private Bank, to “sweep up” the money from the company.

The suit—filed by affiliates of Activant Capital Group LLC, a Connecticut private equity firm that invests in Bolt—also names members ...