BIRMINGHAM, Ala – A Pell City man has been sentenced in a plan to defraud more than 40 investors in his different businesses out of more than $4.7 million, according to U.S. Attorney Prim F. Escalona and Federal Bureau of Investigation Special Agent in Charge Carlton L. Peeples.
Chief United States District Court Judge R. David Proctor sentenced John Michael Golden, 48, to 71 months in prison and three years of supervised release. In April 2024, Golden pleaded guilty to one count of wire fraud.
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According to the plea bargain and sentence documents, Golden founded and owned Wolf-Tek, LLC, MountainTop Timber, LLC, and DroneTek, Inc. Between January 2018 and at least October 2023, Golden designed a strategy to entice people to invest in his businesses.
He misled investors by telling them that his businesses were about to be sold for millions of dollars to companies like Amazon, that he had timber leases and the ability to harvest timber for profit, and that he had hundreds of pre-orders for drones that he only needed capital to fulfill.
Golden also issued Promissory Notes to some investors, fraudulently promising rich returns on investments in a short period. Golden even conned a new victim eight days after initially signing a plea deal.
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To continue his operation, Golden placated victims by sending them text messages indicating that their money was accessible and would be sent on particular future dates. Golden had his bond revoked after contacting victims and making false claims about payments.
Golden eventually scammed investors in his firms out of about $4.7 million. He utilized the monies to repay previous investors and cover personal costs.
The Federal Bureau of Investigation investigated the matter, assisted by the Alabama Securities Commission. Ryan Rummage, an assistant United States attorney, prosecuted the case.