Former Church Board Member Olsson Indicted for $3.8M Theft

Attorney General James Announces Indictment of Former Board Member For Stealing More Than $3.8 Million from Manhattan Church

Olof Olsson Used Swedish Seamen’s Church Donation Money for Personal Expenses, Including Risky Investments

April 16, 2026

NEW YORK – New York Attorney General Letitia James today announced the indictment of Olof Olsson, 45, of Manhattan for allegedly stealing more than $3.8 million from the Manhattan-based Swedish Church of New York – also known as the Swedish Seamen’s Church (the Church) – while he served as a member of the Church’s board of directors and as a financial advisor to the Church. As a licensed securities broker and Church board member, Olsson was responsible for safeguarding the Church’s donations and bequests. An investigation by the Office of the Attorney General (OAG) found that Olsson abused his position and funneled the Church’s money into bank accounts he controlled, and then spent the funds on risky investments and personal expenses. The 24-count indictment, unsealed in New York County Supreme Court before Judge Althea Drysdale, charges Olsson with stealing at least $3.8 million from the Church over a six-year period.

“When churchgoers donate money, they expect their generous contributions will be used to support their church and its mission,” said Attorney General James. “Olof Olsson took advantage of his role as a trusted member of the Swedish Church of New York to steal millions of dollars from his fellow churchgoers. My office will always seek to hold those accountable who take advantage of hard-working, charitable New Yorkers.”

Olsson served as a member of the Church’s board for seven years from 2016 to 2023. During the same time, Olsson also worked as a licensed securities broker at a financial institution that held the Church's assets, where he was responsible for overseeing and protecting the Church’s charitable donations and bequests, which made up a significant portion of the Church’s assets. Olsson used his role as a financial advisor to steal millions of dollars, including by making unlawful transfers from Church accounts to a bank account he opened in the name of the Church, but that he alone controlled. Olsson was able to accomplish this theft without the Church board’s knowledge by creating forged financial statements that concealed and omitted his unlawful withdrawals, leaving the Church to believe its investments remained intact and secure.

The OAG opened an investigation into Olsson in December 2025 after uncovering evidence of Olsson’s wrongdoings. The OAG’s Public Integrity Bureau (PIB) found that between July 2018 and December 2025, Olsson engaged in an elaborate scheme to forge account statements from several major financial institutions where the Church had invested its money. Olsson then used the stolen Church funds for personal expenses, including an investment in a risky and failed venture. Olsson also falsified the Church’s financial records to overstate the value of its investments in the yearly ledgers and conceal his theft.

The 24-count indictment charges Olsson with two counts of Grand Larceny in the First Degree (a Class B felony), one count of Grand Larceny in the Second Degree (a Class C felony), 18 counts of Criminal Possession of a Forged Instrument in the Second Degree (a Class D felony), and three counts of Falsifying Business Records in the First Degree (a Class E felony). If convicted of the top count, Olsson faces a sentence of up to eight and one-third to 25 years in jail.

The charges against Olsson and the description of such charges are merely allegations. He is presumed innocent unless and until proven guilty in a court of law.

The investigation and prosecution are being conducted by Senior Advisor and Counsel Gary T. Fishman and Assistant Attorney General Gregory Morril, with assistance provided by Legal Support Analysts Meredith Youngblood and Alexandra Crespo, all of PIB. Forensic accounting was performed during this investigation under the supervision of Chief Auditor Kristen Fabbri and Deputy Chief Auditor Sandy Bizzarro of the Forensic Audit Section. The PIB is led by Bureau Chief Gerard Murphy and Deputy Bureau Chief Mary Gorman.

Senior Detective Investigator Brian Metz of the Investigations Bureau also assisted with the criminal investigation, under the supervision of Deputy Chief Juanita Bright, Assistant Chief Samuel Scotellaro, and Detective Supervisor Anna Ospanova of the Major Investigations Unit. The Investigations Bureau is led by Chief Investigator Oliver Pu-Folkes. Both PIB and the Investigations Bureau are part of the Division for Criminal Justice, which is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.