Boldens sentenced to community service – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Boldens sentenced to community service

David and Antoinette Bolden have been sentenced to 200 hours of community service each for lying to the Bermuda Monetary Authority (BMA) about their company finances.

Chief Justice Richard Ground told the husband and wife, who used to run an array of financial services firms: “It will mark the wrongness of what you did; it will constitute public denunciation of your conduct; and I hope it will bring home to you the error of your ways. It will also offer you a real opportunity to atone in a meaningful way.”

The Boldens stood trial at Supreme Court earlier this summer accused of stealing $272,000 from an exempt company they part-owned called Emerald Capital International and laundering the stolen funds. They were found not guilty of those charges.

The jury found them guilty, however, of misleading the BMA over the financial position of their Emerald Financial Group of companies, which was licensed by the regulator.

The Boldens made what the jury deemed to be false claims to the regulator between September 28 and October 28, 2008, in answer to BMA inquiries about the Emerald Group’s liquidity and capitalisation.

The case centred around a letter to the BMA where the Boldens stated they had $500,000 in unencumbered funds available to them, when that was not true.

The Official Receiver was called in, in summer 2009, after the Bermuda Monetary Authority took enforcement action to begin winding up the Emerald Group of Companies.

The maximum sentence they could have been handed was four years in jail, a $100,000 fine, or both. Prosecutor Susan Mulligan had urged the judge to jail the pair, who continue to deny their guilt and are planning an appeal.

You must be Registered or to post comment or to vote.

Published August 19, 2011 at 4:00 pm (Updated August 19, 2011 at 4:03 pm)

Boldens sentenced to community service

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon