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The Ledger - EST. 1978 - Nashville Edition

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VOL. 37 | NO. 10 | Friday, March 08, 2013

National Foundation of America founder convicted

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NASHVILLE (AP) - A businessman formerly from Franklin has been convicted of defrauding investors of $30 million worth of assets.

Federal prosecutors announced on Monday that a jury convicted National Foundation of America founder Richard Olive of mail fraud, wire fraud and money laundering.

Officials with U.S. Attorney Jerry Martin's office said the 47-year-old businessman targeted the elderly in the scheme.

Evidence presented during last week's trial showed that Olive used the money from investors to fund a lavish lifestyle for himself. He purchased several pieces of real estate, including a $700,000 condo in Las Vegas, used the money to pay more than $150,000 of expenses on credit cards and chartered a jet for a family vacation to New Orleans.

Olive will be sentenced at a later date.