Pell City Man Sentenced for Defrauding Investors of Over $4.7 Million
U.S. Attorney Prim F. Escalona and FBI Special Agent in Charge Carlton L. Peeples Announce Conviction
John Michael Golden Faces 71 Months in Prison for Wire Fraud
Pell City resident John Michael Golden, 48, has been sentenced to 71 months in prison followed by three years of supervised release for defrauding more than 40 investors out of over $4.7 million. The sentence was handed down by Chief U.S. District Court Judge R. David Proctor after Golden pleaded guilty to one count of wire fraud in April 2024.
Scheme to Defraud Investors
Golden, the founder and owner of Wolf-Tek, LLC; MountainTop Timber, LLC; and DroneTek, Inc., orchestrated a fraudulent scheme from January 2018 to October 2023. He convinced investors to put money into his companies by making false claims, such as impending multi-million dollar sales to major companies like Amazon, lucrative timber leases, and hundreds of pre-orders for drones requiring capital. He also issued Promissory Notes with false promises of high returns within short periods.
Golden's deceit extended to placating victims with false text messages about their money's availability and future repayment dates. Despite signing a plea agreement, Golden continued to defraud new victims and had his bond revoked for contacting victims and making false promises.
Investigation and Prosecution
The Federal Bureau of Investigation, with assistance from the Alabama Securities Commission, conducted the investigation. Assistant United States Attorney Ryan Rummage prosecuted the case.
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