Olympia Financial Group Inc. FX Division Victim of Bad Cheque Passing Scheme

    




 CALGARY, Feb. 2, 2012 /CNW/ - Olympia Financial Group Inc.  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. 

   

Olympia Financial Group Inc.


CONTACT:  Rick Skauge, President, at [phone],e-mail [e-mail] or visit the website www.olympiatrust.com 


    

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