Emerald Financial Group's President David Bolden, 46, returned to Bermuda on Saturday night and was met by a legal advisor at L.F. Wade International Airport before both men proceeded to the airport Police station.

Yesterday, Bermuda Police Service said they had arrested a 46-year-old man in connection with the Fraud Unit's ongoing investigation into Emerald Investment Management Ltd, however the identity of the arrested man was not revealed.

Last Thursday Bermuda Police arrested a 45-year-old woman last Thursday — reportedly the company's managing director Antoinette Bolden — in connection with the ongoing fraud investigation into Emerald.

Winding-up proceedings have since started against four entities owned by the group — Emerald Capital Investment Ltd. (ECI), Directrade Ltd., Emerald Financial Ltd. and Emerald Investment Management Ltd.

On Saturday Mr. Bolden, 46, arrived on the 8.15 p.m. flight from Miami.

Yesterday, a Police spokesman said: "The Bermuda Police Service can confirm that a 46-year-old man has been arrested in connection with the ongoing investigation into Emerald Financial Group."

Emerald, which was launched in 1992 by husband and wife, David and Antoinette Bolden, offers pension and investment funds management, investment advisory services and equity trading services.

The Bermuda Monetary Authority is seeking the winding up of EFG and two other entities in the group, Emerald Investment Management Ltd. and Directrade, an online stock-trading business.

The regulator said its actions were separate from those of the Police, but that the arrest "has exacerbated the Authority's concerns about the three entities and their suitability to conduct licensed business".