Olympia Financial Group Inc. FX Division Victim of Bad Cheque Passing Scheme
31 Januar 2012 - 9:05PM
PR Newswire (Canada)
CALGARY, Feb. 2, 2012 /CNW/ - Olympia Financial Group Inc.
announces that the foreign exchange division of its wholly owned
subsidiary Olympia Trust Company was the victim of a bad cheque
passing scheme. Unfortunately, this scheme resulted in
Olympia suffering a loss of $1,466,091. However, the net
effect of this loss to shareholders is estimated at approximately
$733,000 after considering future tax reductions and employee
commission reductions related to this event. Olympia also
hopes to recover certain amounts from civil actions against the
perpetrators but the timing and amount of such recovery is unknown
at this time. Olympia has made changes to prevent such an event
from happening on a go-forward basis and is vigorously pursuing the
perpetrators with criminal charges and civil actions.
Notwithstanding the above, Olympia Trust Company has been very
successful in providing foreign exchange services to over 5,000
businesses and private clients and successfully completed over $2
billion in foreign exchange trades in 2011. The foreign
exchange division is Olympia's fastest growing division and plans
to open an office in Seattle, Washington later this year. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Olympia Financial Group Inc. CONTACT: Rick Skauge,
President, at (403) 261-7501,e-mail ricks@olympiatrust.com or visit
the website www.olympiatrust.com
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