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Nov 1, 2016 4:54 PM

NH man ordered to pay more than $22.8M to Ponzi scheme victims

The Associated Press

CONCORD (AP) — A New Hampshire man has been ordered to pay more than $22.8 million to victims in a Ponzi scheme he operated from 2007 to 2012.

Aaron Olson, of Rindge, was sentenced to five years in prison last year for evading taxes for failing to report illegal income. Prosecutors say the 42-year-old Olson ran two investment businesses from Jaffrey to obtain about $27.8 million from participants to invest. He wasn't a licensed investment broker.

Prosecutors say Olson used about $2.6 million for himself and some to make fraudulent "earnings" payments to other investors. He sent investors fictitious earnings statements that falsely showed significant earnings in their accounts.

Prosecutors said 81 victims lost money when the scheme collapsed in 2012.

Olson argued in court Monday that he owed less; a judge disagreed.

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