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Jury to consider verdict in trial of Boldens

Antoinette and David Bolden.

The jury in the long-running Emerald Capital International [ECI] theft trial is due to consider verdicts in the case today.Financiers David and Antoinette Bolden have been on trial at Supreme Court since May 9, accused of stealing from ECI, laundering the stolen funds and giving false information to the Bermuda Monetary Authority [BMA].The total amount alleged to have been stolen is $272,000.The Boldens, who are husband and wife, deny the allegations.The trial has heard evidence the couple set up ECI with two Canadian businessmen, Jason Bagg and John Wright. The Canadians gave evidence for the prosecution that the Boldens made unauthorised and unapproved cash withdrawals from the company.The defendants are also accused of misleading the BMA when the regulatory authority expressed concern over the finances of their Emerald Financial Group of companies, which were licensed by the BMA.Prosecutor Susan Mulligan alleged during her opening speech on May 9 that the couple plundered the accounts to pay debts and live beyond their means.She alleged that other stolen funds covered bank overdrafts and propped up the Emerald Financial Group, in order to retain the group’s BMA licences.The couple insisted during evidence for the defence that the money they took out of ECI represented legitimate salaries and expenses they were owed in relation to a wireless technology project. They said this had been agreed with the other partners, and they presented the jury with documents they said explained the transactions.They denied they were under financial strain at the time of the alleged crime.Chief Justice Richard Ground spent yesterday summing up the evidence from the prosecution and defence, and directing the jury on the law.He advised them to consider whether the accused couple really believed they had a legal right to the funds in question, as opposed to simply believing they were morally entitled to them for their hard work.“You and I may think we’re not paid enough and should be paid considerably more. But if we go to our employers and help ourselves to money out of the till, we all know what the outcome would be,” he told the jury.He said they had to consider whether the Boldens behaved dishonestly, and whether they realised what they were doing would be regarded as dishonest in the minds of ordinary people.The jury must also consider whether the prosecution has proved the Boldens mislead the BMA, and that they either knew they were being misleading or did not take reasonable precautions to ensure they were making accurate statements.In addition, said Mr Justice Ground, the jury will have to consider whether Mr and Mrs Bolden acted jointly in the alleged crimes, i.e “were they in it together?”The jurors have pored over hundreds of pages of documents seized by police after the Boldens were arrested over the allegations in July 2009. They will take the files into the jury room at Supreme Court today when they retire to consider their verdicts on a total of 19 charges the couple face.Mr Justice Ground advised the members of the panel to “get a good night’s sleep and come back with clear heads” as he expects them to spend all day on their task. The Boldens deny all the charges.Watch our website at www.royalgazette.com for the latest on the case.