A disgraced Manhattan financier could be facing up to 16 years in prison after he preyed on teenage girls and raped at least one 14-year-old girl.
Michael Olson, 56, pleaded guilty to a handful of charges from a 75-count indictment, including criminal sale of a controlled substance to a child, rape in the second degree, criminal sexual act in the second degree, and use of a child in a sexual performance as a sexually motivated felony.
He is scheduled to appear in court for sentencing on Feb. 5, 2025. He is expected to receive a sentence of 16 years, according to amNY.
Disgraced Financier Pleads Guilty to His Crime
Reports about his possible sentence come after Olson was accused of targeting multiple teenage girls and drugging and raping a 14-year-old teen.
His crimes were discovered in May 2023 when his 14-year-old victim overdosed on cocaine and ketamine in a hotel room in Manhattan. EMS officials who responded to the scene noted that there were numerous narcotics present at the scene, including the aforementioned drugs and Xanax, per a news release from the Manhattan District Attorney's Office.
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The overdose launched a subsequent investigation where officers found out that Olson had targeted that 14-year-old on Instagram and exploited her financial situation over a six-month period.
Apart from drugging the victim, Olson was also accused of repeatedly raping the child in hotel rooms in Queens and Manhattan, paying her $700 per week for sexual conduct, and taking her on trips to Las Vegas, Los Angeles, and Miami while portraying her as his daughter.
In addition to the 14-year-old, investigators found that Olson had texted multiple other girls in middle and high schools on Instagram---particularly those whose posts mentioned they were struggling financially or those who uploaded photos depicting self-harm.
Attempts to Skirt the Trial
Prior to pleading guilty to the charges against him, Olson had previously attempted to skirt prosecution by getting a reduced sentence at a treatment facility. In a letter he wrote to his family, a copy of which was obtained by the New York Post, he said he was careful not to "behave too normally" so he could get his charges dismissed "after six years" and have "no criminal record."
However, a judge ordered a new mental health evaluation in September, where he was found fit to stand trial.
