NEW YORK – New York Legal professional Basic Letitia James at this time introduced the sentencing of former funding advisor Shaun Golden, 48, proprietor of Golden Wealth Administration, Inc. (GWM), for working a multi-million-dollar securities and mortgage fraud scheme that cheated dozens of New Yorkers out of practically $7 million. Between 2015 and 2019, Golden obtained tens of millions in investments and used the cash from his victims — lots of whom have been at or close to retirement — to fund his private actual property funding firm, Golden Wealth Property, LLC (GWP). On account of his schemes, many individuals misplaced their life financial savings, and a few have been pressured to promote their property or regulate their mortgages to remain afloat. Moreover, some people have been unable to afford superior medical care or contribute to their grandchildren’s school bills. Golden — who pled responsible in August 2022 to 6 felony expenses — was sentenced at this time to 1 to a few years in jail, after already paying over $2.8 million in restitution. As a part of his sentence, Golden should promote two Vermont properties with proceeds payable to his victims and agreed to an extra $3.5 million debt owed to his victims. Golden can also be banned from New York’s securities business for the interval of his parole.
“New Yorkers deserve the peace of thoughts that the professionals dealing with their investments aren’t swindling them,” stated Legal professional Basic James. “Shaun Golden betrayed those that trusted him and stole tens of millions out of their hard-earned life financial savings. His crimes upended lives and harmed susceptible New Yorkers who had spent many years working so they may retire in dignity. At present’s sentencing brings this prison to justice, and my workplace will proceed to make sure that those that defraud New Yorkers face the results of their dangerous actions.”
As outlined within the criticism, Golden focused New Yorkers who had been his very long time GWM shoppers, together with former schoolteachers and their kin who wanted assist saving cash for retirement. In late 2015, when Golden was not allowed to make use of a buying and selling platform for his shoppers’ accounts, he started transferring their funds to his GWP firm with out looking for their oral or written approval. He later suggested shoppers that the inventory market was too unstable and really helpful actual property as a safer funding.
In June 2016, after gathering roughly $5 million in funds from his victims, Golden diverted greater than $165,000 to pay a private tax invoice and even bought a mansion in Bridgehampton, New York beneath his personal identify. Quickly after, he utilized for a $3 million residence fairness mortgage on the mansion by submitting falsified financial institution statements that considerably inflated his property. In June 2017, Golden bought 5 plenty of land in Wilmington, Vermont for $1.5 million beneath his personal identify once more. In February 2018, he secured a $2.75 million building mortgage to construct homes on the land by submitting falsified financial institution statements that inflated his property.
After buying the land, which housed a members-only ski resort membership, Golden discovered that the ski resort membership owed lots of of 1000’s in property taxes, had defaulted on obligations with contractors, and owed tens of 1000’s in utility payments. He didn’t disclose these points to traders, and as a substitute continued to solicit an extra $500,000 in investments from his GWM shoppers. In 2019, when his victims started making withdrawal requests, he lied to them, saying that their cash had been misplaced as a result of monetary difficulties.
Legal professional Basic James thanks the Monetary Business Regulatory Authority (FINRA), its Felony Prosecution Help Group, the U.S. Securities and Trade Fee, and the New York State Division of Monetary Providers for his or her invaluable help.
The prison case was dealt with by Senior Counsel Maureen Grosdidier and Assistant Legal professional Basic Kelly Smith Brown of the Felony Enforcement and Monetary Crimes Bureau (CEFC), with the help of Authorized Analyst Sabrina Farahani and beneath the supervision of Supervising Analyst Paul Strocko and Deputy Supervising Analyst Jayleen Garcia. Forensic accounting was carried out by Principal Supervising Auditor Investigator Jason Blair and Detective Investigator Eamon Murphy, beneath the supervision of Deputy Chief Auditor Sandy Bizzarro of the Forensic Audit Part. CEFC is led by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph G. D’Arrigo. The prison investigation was carried out by Senior Detective Brian Metz, beneath the supervision of Supervising Detectives Michael Leahy and Anna Ospanova, Assistant Chief Samuel Scotellaro, and Deputy Chief Juanita Shiny of the Main Investigations Unit. The Investigations Bureau is led by Chief Investigator Oliver Pu-Folkes. Each CEFC and the Investigations Bureau are a part of the Division for Felony Justice, which is led by Chief Deputy Legal professional Basic José Maldonado and overseen by First Deputy Legal professional Basic Jennifer Levy.