Log In

Reset Password
BERMUDA | RSS PODCAST

Prosecution drops some charges in theft case

Deny theft charges: David and Antionette Bolden seen here in a file photo from 2009.

A prosecutor dropped four out of 18 theft charges against investment company directors David and Antoinette Bolden yesterday.That means the amount the couple are now accused of stealing from their company, Emerald Capital International [ECI], now stands at $290,616, down from $316,402.They continue to face 14 charges of stealing from the company over the course of late 2008 and early 2009, plus six charges of money laundering and one of giving false information to the Bermuda Monetary Authority.Defence lawyer Saul Froomkin QC said on Monday the Crown realised there were “supporting, justifying documents” in respect of transactions forming the basis of the charges dropped yesterday.Prosecutor Susan Mulligan did not give any reason for the move when she announced it to the jury.She alleged during her opening speech last week that the couple plundered the accounts in late 2008 and early 2009 to support their failing Emerald Financial Group companies, pay debts, and live beyond their means.The court has heard evidence from two Canadian directors of ECI, John Wright and Jason Bagg, who held equal shares in it along with the Boldens.They said they never authorised or approved large-scale withdrawals from ECI funds made by the couple.Defence lawyer Mr Froomkin suggested to the witnesses this week that the transactions, which saw funds directed into the Boldens’ personal and other business accounts, were legitimate.Yesterday, he listed entries from their bank statements showing, he said, that they ran up bills for items such as hotels, taxis and food while on legitimate company business.Mr Bagg responded by saying the Boldens should not have paid their expenses out of ECI accounts without filing paperwork to be approved by the other directors first.“I don’t recall seeing any expense reports to cover these,” he said of the bills.He said Mrs Bolden, as a chartered accountant and chief financial officer of the firm, should have taken care of the bookkeeping.“I held in Antoinette Bolden a high level of trust and confidence. We didn’t believe that there would be any funny business going on at all,” he said.The trial also heard from Larry Larson, a retired police detective from Ontario, Canada, who specialized in complex fraud and theft cases.Mr Larson told the jury he invested $10,000 in ECI before concerns came to light.He was later enlisted by Mr Bagg to investigate the alleged theft, and retrieved company documents from the Bank of Butterfield, which he turned over to Bermuda Police.The jury also heard of a police statement made by Wendy Trott, who worked as the compliance and operations manager for Emerald Financial Group, which the Boldens also ran.In the statement, read to the court by prosecutor Larissa Burgess, Ms Trott explained Mrs Bolden, 47, is Bermudian, Mr Bolden, 48, is Canadian, and they have two children who are at school.She described them as “very strong Christians; honest, humble, both are family-orientated.”She said she did not find them to be “extravagant people” and she’d never seen any evidence of the dishonesty alleged.“I see the Boldens as just trying to make a living and put their children through school,” she explained.The defendants, who were arrested in July 2009, deny all the charges against them.The case is set to continue on Monday, as lawyers will be engaged in legal arguments until then.