By Nicholas Handy
Monadnock Ledger-Transcript
Nearly two years after pleading guilty to four counts of tax fraud, Ponzi scheme mastermind Aaron E. Olson will see time behind bars for the first time.
Olson, who defrauded investors out of almost $28 million, was sentenced to five years in federal prison today (Friday), with an additional three years of supervised release. Olson is also ordered to pay a $400 special assessment.
“This is a good sentence,” said prosecuting attorney Mark Zuckerman. “The plea deal had a 42 to 60 month sentence, and the judge went with the high end.”
A restitution hearing is scheduled for May 26, which will determine how much Olson will have to pay back to former investors. Zuckerman said a restitution schedule is 98 percent complete, and that Olson is presently on the hook for more than $13 million.
Olson, who had offices in Jaffrey and Rindge, was mixing his investor’s money with his own accounts, spending $2.6 million for his own use and defrauding investors out of $27.8 million, according to authorities.
Nicholas Handy can be reached at 924-7172 ext. 235 or nhandy@ledgertranscript.com. He is also on Twitter @nhandyMLT.