Jeffrey Olson, Wire Fraud, Pennsylvania 2011

Olson’s $2.8 Million Wire Fraud Scheme Unravels

Grimy Times Staff

Jeffrey Olson, a 51-year-old resident of Pocono Lake, Pennsylvania, was found guilty of orchestrating a massive wire fraud scheme that bilked investors of $2.8 million between 2008 and 2011.

According to court documents, Olson solicited investments in his business, Northco Investments, using false and misleading information. His scheme was uncovered in May 2011 by the Federal Bureau of Investigation, which led to his arrest and subsequent charges of wire fraud.

Olson pleaded guilty to the charges and was sentenced to 65 months in prison by Senior U.S. District Court Judge James M. Munley in February 2013. However, Olson appealed the sentence, claiming that his guilty plea was invalid, the government had promised him a lesser sentence, and the consecutive sentences for wire fraud and supervised release violation were unreasonable.

In a recent ruling, the Third Circuit Court of Appeals rejected each of Olson's claims, stating that Judge Munley's sentence was 'premised upon appropriate and judicious consideration of the relevant factors.' Assistant United States Attorney Francis P. Sempa prosecuted the case and handled the appeal for the government.

The U.S. Attorney's Office for the Middle District of Pennsylvania praised the decision, stating that it upholds the integrity of the justice system. 'This ruling is a testament to the hard work and dedication of law enforcement agencies and prosecutors in bringing criminals to justice,' said United States Attorney Peter J. Smith.

Olson's 65-month sentence will be served consecutively to any time he may have remaining on his supervised release, which he violated as part of the wire fraud scheme. The case serves as a reminder of the severe consequences of white-collar crime and the importance of holding perpetrators accountable for their actions.

Source: https://www.justice.gov/usao-mdpa/pr/appeals-court-affirms-sentence-olson-s-wire-fraud-offense