Bountiful woman accused of operating Ponzi scheme
The lawsuit, filed in U.S. District Court, accuses Emilee Petersen Golding of fraudulently offering and selling unregistered securities. The lawsuit contends that Golding raised at least $20 million from about 20 investors, most of them Utahns, in promissory notes during a 2 1/2-year period.
The lawsuit lists as defendants Golding and seven Utah limited-liability companies, each with "Calypso" in the name, plus Siren Network LLC, Capri Development LLC and WTG Development Gateway LLC. Siren and WTG are Utah limited-liability companies.
The lawsuit claims that Golding marketed Calypso as the financial arm of a group of world-class companies that focus on real estate, hard assets and the placement of private investment funds in real-estate developments, international finance, water rights, precious metal excavating and stock and futures trading.
Golding recruited investors to buy promissory notes issued by Calypso, with proceeds from the notes to be used to develop real estate or to serve as collateral in an international trading program.
That lifestyle included use of a Volvo, BMW and Jaguar; payments to herself of a $240,000 annual salary; cosmetic procedures; credit card bills; and payment of the operating expenses of her network of companies, the lawsuit said.
Attempts by the Deseret Morning News to reach Emilee Golding on Wednesday were unsuccessful. A telephone message to her attorney was not returned.
The lawsuit contends that Golding provided investors with financial statements that falsely said Calypso had more than $60 million in equity.
In July 2006, Golding paid about $230,000 per month in interest to note holders, and by mid-2007, she had a monthly obligation to note-holders of about $1 million.
"Instead of managing a world-class group of companies as she claimed, (Golding) operated a blatant Ponzi scheme using new investor funds to make exorbitant interest payments to earlier investors," the lawsuit said.
Siren was formed by Golding to provide administrative services for Calypso and Golding's other companies. Capri was formed to be the development arm of her organization. WTG was formed by Golding's husband and received investor funds to fund a failed real-estate project near St. George, according to the lawsuit.
The SEC is seeking a permanent injunction against Golding and the LLCs, undisclosed monetary penalties and the disgorgement of "all ill-gotten gains."
Recent comments
I grew up with Emilee and her family rented a small home in Herriman…
Herriman | May 31, 2008 at 7:07 a.m.
what happened to this story?
jj | Nov. 30, 2007 at 3:52 p.m.
I have been following this case and many things have happened since…
following this... | Nov. 15, 2007 at 12:50 p.m.
