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Apr 2, 2016 5:16 PM

Rindge man accused of Ponzi scheme is sentenced to 5 years for tax evasion

CONCORD - Aaron Olson, accused of defrauding victims of millions with a Ponzi scheme, was sentenced to 60 months in prison Friday for tax evasion.

The U.S. Attorney's office claims the Rindge man swindled investors of his two illegitimate firms, AEO Associates and KMO Associates, out of $27.8 million

According to the Manchester Union Leader, Olson had two years from the time he was charged with tax evasion until his sentencing to repay victims of his scheme, which he failed to do.

Olson was convicted of understating his owed federal income taxes from 2007-2010 by more than $664,000.

A restitution amount will be decided at a hearing May 26. Investigators have identified 100-110 victims of the scheme.

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