The 24-count indictment, unsealed in New York County Supreme Court before Judge Althea Drysdale, charges Olsson with grand larceny in the first and second degrees, criminal possession of forged instruments, and falsifying business records. If convicted on the top charges, Olsson faces up to 8⅓ to 25 years in prison.
Olsson served on the church's board for seven years, from 2016 to 2023, while simultaneously working as a licensed securities broker at a financial institution that held the church's assets. This dual role gave him oversight of the church's charitable donations and bequests, which made up a significant portion of its assets.
According to the Attorney General's Office, Olsson abused his position between July 2018 and December 2025 by making unlawful transfers from church accounts to a bank account opened in the church's name but controlled solely by him. He concealed these withdrawals by creating forged financial statements from major financial institutions that omitted the unauthorized transactions.
Prosecutors allege Olsson used the stolen money for personal expenses, including an investment in a risky and failed venture. He also falsified the church's yearly ledgers to overstate the value of its investments, leaving church leadership unaware that their funds had been compromised.
The investigation was launched by the Attorney General's Public Integrity Bureau in December 2025. It was developed by the Public Integrity Bureau, with Senior Advisor Gary T. Fishman and Assistant Attorney General Gregory Morril leading the prosecution. Forensic accounting support came from Chief Auditor Kristen Fabbri's team, with assistance from the Major Investigations Unit.
Attorney General James stated, "When churchgoers donate money, they expect their generous contributions will be used to support their church and its mission." She added, "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."
The indictment details two counts of grand larceny in the first degree, one count of grand larceny in the second degree, 18 counts of criminal possession of a forged instrument in the second degree, and three counts of falsifying business records in the first degree. Olsson is presumed innocent unless and until proven guilty.