Charges Against Financial Advisor for Church Fraud

A financial advisor and baker is facing serious allegations of fraud involving over $3.8 million in donations intended for a historic Swedish church in New York. It is claimed that Olof Olson, 45, siphoned these funds over a span of six years while serving on the chapel’s board, as stated by Attorney General Letitia James.

According to the allegations, Olson set up a secret bank account in the church’s name, which was only accessible to him. To keep the other board members unaware of his actions, he reportedly fabricated ledgers and generated false documents from major financial institutions, giving the illusion that the church’s investments were secure.

“When church members donate, they expect their generous gifts to be used to support their church and its mission,” the attorney general remarked. She further emphasized that Olson exploited his trusted position within the Swedish Church to defraud numerous parishioners. The office is determined to hold those accountable who exploit the goodwill of generous New Yorkers, she added.

The church, known as the Church of the Swedish Seamen, is located in a notable Gothic building in Midtown. It has yet to issue any comments regarding the situation.

Olson, who also worked as a licensed stockbroker managing church assets, allegedly used the money for personal expenses, including groceries and bills, as well as to support several unsuccessful business ventures.

Authorities unraveled the alleged fraud in late 2025, following an investigation by the Attorney General’s Office of Public Integrity, which traced the incidents back to 2018.

Mr. Olson has been charged with 24 counts, including 18 counts of first-degree grand larceny and possession of a forged instrument. If found guilty on the most serious charges, he could potentially face a lengthy prison sentence—up to 25 years—taking him away from his baking duties.