CONCORD, N.H. (AP) -- A New Hampshire man who ran investment businesses but was not licensed has pleaded guilty to four counts of tax evasion.
Authorities say 39-year-old Aaron Olson of Rindge ran AEO Associates and KMO Associates LLC out of Jaffrey. He obtained about $27.8 million from individuals and organizations to invest on their behalf. He wasn't licensed in New Hampshire or elsewhere and did not register the companies with the state.
Olson was accused of using $2.6 million of the investors' money for himself and using funds to make fraudulent "earnings" payments to other investors. Prosecutors say he sent investors fictitious earnings statements that falsely showed significant earnings. False tax returns were filed with the IRS understating income taxes owed by more than $664,000.
Olson is scheduled to be sentenced in September.