Investors Reminded to Do Basic Research before Investing
(Las Vegas, NV; September 16, 2008) – A Las Vegas man charged with bilking Las Vegans out of more than $300,000 is in custody after being arrested by investigators from the office of Secretary of State Ross Miller. Glen Chris Olsen was arrested at his Las Vegas home on Friday, September 12th, and charged with five felony counts of elder exploitation, four felony counts of securities fraud, and three felony counts of theft.
Investigators say Olsen operated unlicensed and unregistered investment companies under the names Olsen and Associates Financial Management Group, Inc., and JT Financial, LLC. According to investigators, Olsen led his victims to believe that their investments would be used to buy real estate, which would later be sold at a profit. Olsen represented to the investors that they would receive interest ranging from 12% to 20%. Some of the victims did receive small payments from Olsen which were represented as interest on their investment, however investigators say the money was paid from funds provided by other investors, which is the classic definition of a Ponzi scheme.
“In many cases, investors can easily protect themselves from these kinds of scams by simply checking the registration of the person selling the investments,” said Secretary of State Ross Miller. “Our website, www.nvsos.gov, has resources for checking the registration as well as other helpful links and resources for doing basic due diligence. It’s something every investor should do.”
In all, investigators from the Secretary of State’s office have identified five victims in the scheme. Anyone with knowledge of any others who may have invested with Olsen, or anyone who believes they may be the victim of a fraudulent investment scheme, can contact the Secretary of State’s office at (702) 486-2440, or (775) 688-1855. As in all criminal matters, the
office maintains that the allegations are merely accusations and individuals are presumed to be innocent until proven guilty in a court of law.
For more information on how to choose an investment professional, go directly to http://www.nvsos.gov/securities/investors/publications/knowyourbroker.asp , or follow the Securities Center “investor education” links at www.nvsos.gov .