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.