SEC v. Robert Olins, No. LR-23570, Southern District of New York (June 15, 2016) — Press Release
raw: Robert Olins, et al.
Robert Olins, et al., No. LR-23570 (June 15, 2016)
Robert Olins, former CEO and defendant in an SEC enforcement case, pled guilty to concealing assets to evade a $3
Robert Olins, former CEO and defendant in an SEC enforcement case, pled guilty to concealing assets to evade a $3.3 million judgment for unlawful stock sales. Despite a court-appointed receiver being tasked with liquidating his art and antiques collection to satisfy the debt, Olins misled courts and the receiver, diverting proceeds from asset sales—including $695,000 spent on antique wall brackets—for personal use instead of paying disgorgement. The U.S. Attorney’s Office for the Southern District of New York prosecuted him for obstruction and asset concealment, charges carrying a maximum penalty of 25 years in prison, fines, and supervised release. Olins was scheduled for sentencing in September 2016.
Robert Olins, former CEO and defendant in an SEC enforcement case, pled guilty to concealing assets to evade a $3.3 million judgment for unlawful stock sales. Despite a court-appointed receiver being tasked with liquidating his art and antiques collection to satisfy the debt, Olins misled courts and the receiver, diverting proceeds from asset sales—including $695,000 spent on antique wall brackets—for personal use instead of paying disgorgement. The U.S. Attorney’s Office for the Southern District of New York prosecuted him for obstruction and asset concealment, charges carrying a maximum penalty of 25 years in prison, fines, and supervised release. Olins was scheduled for sentencing in September 2016. Robert Olins, former CEO, pled guilty to concealing assets to evade a $3.3 million SEC judgment stemming from unlawful stock sales, after being found liable in 2011. He hid proceeds from the sale of his multi-million-dollar art and antiques collection, misleading courts and a court-appointed receiver, and diverted funds for personal use—including purchasing $695,000 in antique wall brackets—instead of paying his disgorgement obligation. The SEC had sought and obtained a receiver in May 2012 to liquidate the assets, but Olins actively obstructed the process. He faces up to 25 years in prison, fines, and supervised release, with sentencing scheduled for September 2016.
Extracted insights
- $3.30M $3.3 million $1M–$10M
- $695K $695,000 $100K–$1M
- person hiding assets
- person unlawful stock sales
- Robert A. Olins pled guilty hiding assets
- Robert A. Olins admitted to concealing proceeds of sales from his multi-million-dollar art and antiques collection
- federal court issued $3.3 million judgment against him
- Robert A. Olins found liable unlawful stock sales
- Robert A. Olins pled guilty to hiding assets from a $3.3 million SEC judgment
- SEC issued a $3.3 million judgment against Robert A. Olins
- Robert A. Olins was found liable for unlawful stock sales in 2011
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23570 / June 15, 2016 Securities and Exchange Commission v. Robert Olins, et al., Civil Action No. 07-6423 (MMC) (N.D. Cal.) Former CEO Owing Money in SEC Case Pleads Guilty to Hiding Assets A Connecticut man has pled guilty to hiding assets after a federal court issued a $3.3 million judgment against him in an SEC case. Robert A. Olins, who was found liable in 2011 for unlawful stock sales, has admitted to concealing the proceeds of sales from his multi-million-dollar art and antiques collection when it was subject to liquidation to satisfy the monetary payment he owed, according to an announcement last week by the U.S. Attorney's Office for the Southern District of New York. The SEC requested the appointment of a receiver to liquidate the art and antiques collection that Olins was attempting to conceal, and the court issued an order appointing the receiver in May 2012. According to the indictment and statements made at his plea hearing, Olin misled federal courts and the receiver about his financial condition, and used money he received from the sale of items in his collection for his own purposes rather than pay his disgorgement in the SEC case. This included making payments towards a $695,000 set of antique wall brackets. According to the U.S. Attorney's announcement, Olins is scheduled to be sentenced in September 2016 and faces a maximum of 25 years in jail plus fines and supervised release.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23570 / June 15, 2016 Securities and Exchange Commission v. Robert Olins, et al., Civil Action No. 07-6423 (MMC) (N.D. Cal.) Former CEO Owing Money in SEC Case Pleads Guilty to Hiding Assets A Connecticut man has pled guilty to hiding assets after a federal court issued a $3.3 million judgment against him in an SEC case. Robert A. Olins, who was found liable in 2011 for unlawful stock sales, has admitted to concealing the proceeds of sales from his multi-million-dollar art and antiques collection when it was subject to liquidation to satisfy the monetary payment he owed, according to an announcement last week by the U.S. Attorney's Office for the Southern District of New York. The SEC requested the appointment of a receiver to liquidate the art and antiques collection that Olins was attempting to conceal, and the court issued an order appointing the receiver in May 2012. According to the indictment and statements made at his plea hearing, Olin misled federal courts and the receiver about his financial condition, and used money he received from the sale of items in his collection for his own purposes rather than pay his disgorgement in the SEC case. This included making payments towards a $695,000 set of antique wall brackets. According to the U.S. Attorney's announcement, Olins is scheduled to be sentenced in September 2016 and faces a maximum of 25 years in jail plus fines and supervised release.