Clear Lake man ordered to pay $2.3 million

Fraudulent grain receipts, false statements used to obtain bank loans

    A Clear Lake man who made false statements to obtain loans from a bank has been ordered by U.S. District Court Judge Linda Reade to repay $2.3 million in restitution to three financial institutions.
    Michael Dean Olk, 56, was convicted in September 2011 of using fraudulent grain receipts as collateral for two bank loans. Friday, Feb. 24, he was sentenced on one count of making a false statement to a federally-insured financial institution.

    Olk was ordered to pay $2,022,982.99 to Farm Credit Services of America; $219,305.40 to Clear Lake Bank & Trust; and $139,038.65 to Zurich American Insurance Co., of Owing Mills, Md.
    In addition, Olk was sentenced to one day (time served) in prison and must reside in a Residential Reentry Center for a period of up to one year.  He will then be on supervised release for five years.
    Court documents show Olk made a $35,000 payment to Farm Credit Services- Read More Via e-Edition