Settlement in $15M suit alleging fraud
A settlement has been reached in a civil suit Park Construction brought against a Rindge father and son, alleging they benefited from a fraudulent investment scheme that cost the construction firm — owned by the Norby brothers of Rindge — $15 million. But the details of the settlement remain unclear as neither side in the suit is talking.
In a July 9 order, Merrimack County Superior Court Judge Larry Smukler dismissed a civil suit filed in June 2012 by Park Construction of Fitzwilliam against Eric Olson and his son, Ted Olson, at the request of the Norby family, Eric and Ted Olson.
The construction firm entered into an agreement with Eric and Ted Olson on Feb. 20, according to court records, which stipulates the recording of certain mortgages and then the filing with the court a request for dismissal of the suit. Court documents do not specify which mortgages, and attorneys for both sides declined to comment on the matter Wednesday.
Park Construction filed suit against Eric and Ted Olson in June 2012, alleging the company lost more than $15 million in investments with Eric’s nephew, Aaron E. Olson, the owner of KMO, a Massachusetts-based investment firm. In July 2012, Judge Richard B. McNamara awarded Park Construction a $15.2 million attachment on the assets of Eric and Ted Olson, ruling that the father and son were in partnership with Aaron Olson and had profited from the investment firm’s gains. From January 2011 through February 2012, Eric Olson deposited $1.6 million with KMO and earned more than $9 million, according to the suit filed by Park Construction. And despite never making a deposit with the firm, the suit alleges, Ted Olson allegedly received $1.2 million from KMO between October 2011 and January 2012.
Subsequent to the Park Construction suit filed against him, Eric Olson filed one against Aaron Olson and it is still pending and scheduled for trial in July 2014. The N.H. Bureau of Securities confirmed in April 2012 that it is investigating Aaron Olson and his investment practices, and that investigation is ongoing, said Kevin Moquin, an auditor with the bureau , last week.
Alyssa Dandrea can be reached at 924-7172 ext. 228 or firstname.lastname@example.org. She’s on Twitter at @alyssadandrea.