John Michael Golden, Wire Fraud, Alabama 2022

A shocking crime has rocked Pell City, Alabama, as a man has been charged with a scheme to defraud investors in his various companies.

A 48-year-old Pell City man, John Michael Golden, has been accused of devising a scheme to persuade individuals to invest in his companies, Wolf-Tek, LLC; MountainTop Timber, LLC; and DroneTek, Inc. between January 2018 and July 2022.

According to the information filed in United States District Court, Golden made various misrepresentations to the investors, including his businesses were about to be sold for millions of dollars to companies such as Amazon, he had timber leases and an ability to harvest timber for profit, and he had hundreds of pre-orders for drones that he simply needed capital to fulfill.

Golden also gave some investors Promissory Notes in which he misrepresented his ability to repay. The charges state that Golden defrauded investors in his companies of more than $3.5 million dollars. He used the funds to pay back prior investors and for personal expenses.

The maximum penalty for wire fraud is twenty years in prison. The Federal Bureau of Investigation investigated the case, with Assistant United States Attorney Ryan Rummage prosecuting the case.

The charges against Golden come as a reminder of the importance of due diligence when investing in untested companies or individuals. It is essential to thoroughly research any investment opportunity and be wary of unrealistic promises or guarantees.

The people of Pell City and surrounding areas are left to wonder how such a scheme could have gone on for so long and what measures will be taken to prevent similar cases in the future.

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