SCRANTON – A Pocono Lake man who persuaded others to loan him money and invest money in a business called Northco Investments between 2008 and 2011, pleaded guilty in U.S. District Court to committing wire fraud.
Jeffrey Olson, 50, admitted that he failed to invest a portion of the money that was provided or loaned to him by investors as he promised, but instead used it for personal purposes. Olson admitted that as part of the scheme, he falsely represented to investors that he was very wealthy and provided checks to investors totaling hundreds of thousands of dollars as collateral that were drawn on insufficient funds.
The amount of money involved in the fraudulent scheme was more than $2.5 million.
Under the plea agreement, if accepted by the court, Olson will be sentenced to between 48 months and 51 months in prison. He also faces up to five years of supervised release following any prison sentence. Olson will also be required to make restitution to any victims in the case.