A Rindge man sentenced to pay $22.8 million in restitution after being found guilty of defrauding investors in a Ponzi scheme will appeal the ruling, according to court documents.
An amended notice of appeal was filed by Aaron Olson’s attorney, Inga L. Parsons, on Nov. 6, a week after his restitution hearing. Olson had previously filed a notice of appeal with the courts in April after he was found guilty of four counts of attempt to evade or defeat taxes.
Olson’s restitution is due immediately, according to court documents, with a $400 sum payment due up front.
Prosecuting attorney Mark Zuckerman said Monday that the Federal Bureau of Prisons has mechanisms in place by which they could collect money from Olson while he was in jail. Olson is not able to conduct business while jailed but he can collect $60 per month for work performed at the correctional facility, according to a document filed by Parsons.
While Olson is under supervised release, any amount of restitution that remains outstanding must be paid in $500 monthly installment, with his parole officer able to recommend a revised payment schedule.
Olson was sentenced in April to five years in federal prison, with an additional three years of supervised release and a $400 special assessment, after pleading guilty to four counts of tax fraud. Olson’s plea deal also stipulated that he pay restitution, which was later determined to total $22,811,405.26 to 81 investors.
Olson is currently serving out his prison sentence at FMC Devens Correctional Institute in Devens, Massachusetts.
Nicholas Handy can be reached at 924-7172 ext. 235 or nhandy@ledgertranscript.com. He is also on Twitter @nhandyMLT.