Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY (AP) — A California man is pleading guilty to money laundering and wire fraud in connection with accusations he bilked investors out of millions in his sports drink company.
The U.S. Attorney's Office said Monday in a news release that 52-year-old Randy Olshen took a plea deal Friday in federal court in Utah that calls for 4.5 years in prison. Several charges were dismissed in exchange for his guilty pleas.
Olshen, of Newport Beach, California, had a residence in Utah during the time of the events.
Olshen acknowledged in the plea deal that he significantly over-reported his company's earnings to investors from 2009-2013. Prosecutors say Olshen reported $28 million in sales in 2012. The actual sales were only $579,200.
Prosecutors say 50 victims lost a total of $7 million.
Olshen's attorney wasn't immediately available for comment.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
