NYC financier accused of targeting underage girls, including rape of a 14-year-old, could receive 16-year prison sentence

In Manhattan Supreme Court, Michael Olson, a 56-year-old man with a white beard and wearing a tan prison-issued sweater, admitted to several charges from the disturbing 75-count indictment that was revealed against him last year.

In response to Judge Ann Scherzer’s question of whether he wanted to plead guilty to nine charges, including rape, criminal sale of a controlled substance to a child, and aggravated patronizing a minor for prostitution, the sleezeball reluctantly muttered a weak “Yes.”

Olson, who was initially deemed unfit for trial but had the ruling later overturned, wrote a letter to his family during the case. In the letter, he outlined his strategy to avoid prosecution by receiving a reduced sentence at a treatment facility. He mentioned the need to be cautious about not appearing too normal, as it could result in his return to Rikers Island.

According to Manhattan Assistant District Attorney John Fuller, the individual wrote, “The advantage, if the plan succeeds, is that I would have no criminal record after six years. So the charges against me would be dismissed.” Fuller had proposed a 25-year prison sentence for the perpetrator.

In September, the judge ordered a new mental health evaluation for Olson, which revealed that his deviant plan had been foiled as he was found to be mentally sane.

On May 26, 2023, EMS workers discovered a teenage overdose victim in a Manhattan hotel room. The authorities found a variety of drugs, such as ketamine, cocaine, and Xanax, in the room. The financial executive was subsequently caught in connection with this incident, according to prosecutors.

Olson infamously hit with dozens of additional counts when he continued to reach out to underage girls online, according to prosecutors. He was released on a $1 million bond.

The disturbed individual initially singled out the 14-year-old after she shared a post on Instagram expressing her inability to afford new clothes.

The Human Trafficking Unit of my office deserves credit for putting an end to his predatory behavior, which was truly appalling.

After completing his 16-year prison term, Olson will be required to serve a maximum of 15 years of supervision, according to Bragg’s office.

According to his defense attorney, Jeffrey Lichtman, Olson was filled with remorse and had completely destroyed his own life as a result of what had transpired.

“He admitted his guilt and accepted the plea deal, just like anyone else would,” Lichtman asserted outside the courtroom.

Olson is scheduled to be sentenced on February 4, 2025.

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