Aaron E. Olson, Tax Evasion, New Hampshire 2015
CONCORD, New Hampshire - A Rindge man has been sentenced to 60 months in prison for tax evasion in connection with a fraudulent investment operation. Aaron E. Olson, 41, of Rindge, New Hampshire, was sentenced to 60 months in prison for four counts of attempted tax evasion in United States District Court for the District of New Hampshire, announced United States Attorney Emily Gray Rice.
In a scheme spanning four years, from 2007 through 2010, Olson used his investment businesses, AEO Associates and KMO Associates LLC, to obtain approximately $27.8 million from individuals and organizations. He was not licensed as an investment broker in New Hampshire or any other jurisdiction and failed to register his businesses with the state.
Olson used approximately $2.6 million of investors' money for personal gain and made false payments to other investors to conceal the scheme. He sent investors fictitious earnings statements showing significant earnings in their accounts.
Olson also filed false tax returns with the IRS, failing to report gross receipts and expenses associated with his investment operation and failing to issue Forms 1099 summarizing investors' annual gains and losses. He fraudulently understated income taxes owed by more than $664,000.
Olson pleaded guilty to four counts of attempted tax evasion on March 9, 2015. As part of a plea agreement, he agreed to pay restitution to defrauded investors. A restitution hearing is scheduled for May 26, 2016.
The case is being investigated by the Internal Revenue Service's Office of Criminal Investigations and the New Hampshire Bureau of Securities Regulation. Assistant United States Attorney Mark S. Zuckerman is prosecuting the case.
Aaron E. Olson, a Rindge man, has been sentenced to 60 months in prison for tax evasion in connection with a fraudulent investment operation. The scheme involved obtaining $27.8 million from investors and using $2.6 million for personal gain.
The defendant's crimes were committed from 2007 through 2010 and involved the use of two investment businesses, AEO Associates and KMO Associates LLC. Olson was not licensed as an investment broker in New Hampshire or any other jurisdiction and failed to register his businesses with the state.
The case is a reminder of the importance of regulating investment businesses and holding individuals accountable for their crimes.
Aaron E. Olson, 41, of Rindge, New Hampshire, was sentenced to 60 months in prison for four counts of attempted tax evasion. The crimes were committed from 2007 through 2010 and involved the use of two investment businesses.
The defendant used his businesses to obtain approximately $27.8 million from individuals and organizations. He used $2.6 million of investors' money for personal gain and made false payments to other investors to conceal the scheme.
Olson pleaded guilty to four counts of attempted tax evasion on March 9, 2015. As part of a plea agreement, he agreed to pay restitution to defrauded investors. A restitution hearing is scheduled for May 26, 2016.
Key Facts
- State: New Hampshire
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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