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 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.
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