A 65-year-old man pleaded guilty in federal court this morning to a charge of defrauding the Tyler-based Austin bank of slightly over $122,000 during a one-month period last fall.
According to the indictment, Olk convinced two investors to liquidate funds in their IRA investment accounts, promising that Austin Bank provided better interest rates that did not exist.
Olk, who was self-employed in the insurance industry, according to the indictment, helped facilitate the liquidation of funds belonging to the two investors and “caused them to be shipped by Federal Express to Austin Bank in Tyler.”
On two occasions, Olk met the Federal Express truck as it entered the parking lot of the bank and intercepted checks prior to their delivery at Austin Bank, the indictment stated.
In an effort to deposit the two checks totaling more than $244,000 into his account, Olk said the investment company which issued the checks had made a mistake, and Olk was able to deposit them in his own account, according to the indictment. He then used the money for his own personal benefit, the indictment stated.