Richmond Woman Charged with Defrauding Tongan Community in $13 Million Stockton-Based International Ponzi Scheme
FRESNO, Calif. — Esther Andrade Olson, 48, of Hanford, was arrested today on the charge that she embezzled over $60,000 from multiple members’ accounts at a Tulare-based credit union where she was previously employed, U.S. Attorney Phillip A. Talbert announced.
According to court documents, Olson began working at the credit union in 2005 and was promoted to assistant branch manager in 2019. In July and August 2022, Olson made several unauthorized withdrawals from four members’ accounts, including seven withdrawals totaling $35,000 from one member. When questioned by credit union officials, Olson abruptly resigned from her position. Court documents indicate that Olson was using some of the embezzled funds to promote herself on TikTok.
This case is the product of an investigation by the Federal Bureau of Investigation. Special Assistant U.S. Attorney Chan Hee Chu and Assistant U.S. Attorney Joseph Barton are prosecuting the case.
If convicted, Olson faces a maximum statutory penalty of 30 years in prison and a $1 million fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.