Baraboo weekly news. [volume] (Baraboo, Wis.) 1912-197?, 1925-01-22
S55,OOOLOsS
INSAuk BANK
BILL Charges

False certificates of deposit to-
falling at least $4,000 were issued
to investors near Prairie du Sac.
Sank county, between 1915 and
1922, by Jourgen Olson, North Da,
kota financier, while he controlled
the Sank Bank of Prairie du Sac,
according to true bill returned in
federal court, Madison, late Satur-
day by a special grand jury.
Only one Indictment, that against
Olson, was brought in by the
grand jury after a two-day session.
1t charges Olson, in IA separate
counts, with use Of the mails to de-
fraud not only his Wisconsin
clients but also the American State
bank Of Burlington, n. d.
The banker, who is now conval.
escing in a hospital at Minot, N.
d., after a serious operation, pro.
badly will be tried in Madison,
United State District Attorney w.
II. Dougherty declared Saturday
He is under $4,000 bond on two
indictments returned in the federal
court for the district of North Da,
kota, but is believed he will go to
trial in Wisconsin before he is
called to face similar charges be-
fore the western tribunal. The
next jury term for the western dis.
trfct Of Wisconsin is tentatively set
for Feb. "a at Superior but t is I'M
likely that the trial will take place
there as most of the witnesses live
near Madison It is possible that
a jury term will be caIendared here
in March.
Sank Bank Boss
Olson, according to the informa-
ton set forth in the Indictment,
was president of the American
State bank at Burlington and in
addition obtained control in 1920 OF
the Sank bank at Prairie du Sac
Wis, which he held until October
1921. He also was president OF
Jourgen Olson and company, a pri.
Vate institution at his home town
in North Dakota. A few wears
ago he assigned his stock in the
Burlington bank to associates but
retained control of it's policies un
til it was taken over in December
1922, by the State Guaranty Fund
commission.
The scheme to defraud devised
By Olson, the indictment CHARGES,
consisted of inducing Sank County
people to purchase certificates Of
deposit purporting to have been is.
sued by the statements describing
them as a profitable and safe in
yestment. The money received fol
the certificates, the charges state
was not placed in the bank nor set
up as liabilities of the bank, but
was converted to Olson's persona
use.
Charge Fund
Olson, the Indictment alleges
caused the bank cashier to issue
spurious duplicate certificates on
forms furnished by him which were
similar to those used for genuine
certificates. A record of the trans
actions, kept by Olson in a private
register, was alleged to show thai
certificates issued by the banker il
this manner totaled at least SIS.
600
Each of the II counts in the in
dictment is supported by a letter
to some client in Wisconsin, many
OF the banks communications bear
ing the name of John H. Werner
cashier
Investors, of Prairie du Sac' anG
vicinity, cited by the grand jury
as victims of Olson's alleged fraud
ulent operations included c. /
Kindsci, Mr.. and Mrs. John Sax
er, Mrs. Barbara Kehl Pence, jacob
Gasser, Ida Gasser, Mrs. Elizabeth
]. Kehl, Martin Luetscher, Claude
!. Richardson. Jacob Danuser, Mrs
Elizabeth Bryant, Emma Schly
Anna F. Buehler, Mrs. Kate SPEECH
er, Mrs. Mary l.. Tarnutzer, Mrs
Anna Meisser, August Walser, Mrs
Mildred Keller and others.