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Smith County Man Guilty of Bank Fraud
TYLER, Texas – A 65-year-old Tyler, Texas man has pleaded guilty to federal violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Timothy C. Olk pleaded guilty to bank fraud today before U.S. Magistrate Judge John D. Love.
According to information presented in court, from Oct. 8, 2011 to Nov. 8, 2011, Olk convinced others to give him their IRA funds which he would invest with his company’s account with Austin Bank, giving them a higher return on their investments. On two separate occasions, Olk deposited checks in the amount of $122,435.32 into his account. However, Olk used some of the money to pay his own personal expenses, including $105,000 to a creditor.
Olk faces up to 30 years in federal prison at sentencing. A sentencing date has not been set.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Mary Ann Cozby.