CALGARY, Feb. 2, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY) 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
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.
SOURCE Olympia Financial Group Inc.
For further information:
Rick Skauge, President, at (403) 261-7501, e-mail firstname.lastname@example.org or visit the website www.olympiatrust.com