Ray Olson
Real Name: Ray Olson
Aliases: Bob Johnson
Wanted For: Fraud
Missing Since: 1989
Case
Details: Ray Olsen bilked more that $8 million from investors in a horse racing scam and he and his girlfriend, Linda Morgan, are now on the run. Olson was a regular at local horse racing tracks; most of his acquaintances and investors believed that he owned WinRight Farms in Benton, Louisiana. However, the farm was simply a "come-on" for Olson's company Commodities Trading. Olson had a reputation as a winner in the commodities market; he soon had several employees working for him, such as John Holt, a salesman.
WinRight Farms was well-known for rehabilitating injured horses. In 1988, Doris Blair had one of her injured horses rehabilitated at the farm. Eight months later, Doris's horse won its first race; Olson wanted Doris to keep her horses at his farm. Doris had soon written a $100,000 check to Olson in order to board her horses. In September of 1988, Dr. Charles Oakes met with Olson. At first, he was skeptical about Olson and his company, but Olson was able to convince him to invest $200,000.
By 1989, however, Olson's scheme began to fall apart, when an investor named Steve Casteen wanted his money back from Olson. John Holt had recommended Steve to invest in Olson's company, so John also became suspicious. Dr. Oakes soon learned from another investor that Olson might be scamming them. Dr. Oakes and a friend confronted Olson; he told them that they would get their money back soon, but they never did. Doris Blair also eventually became suspicious; she tried to get her money back from Olson, but was unsuccessful. She went to WinRight Farms and found that Olson was gone; she learned that Olson never owned the farm, but that he only rented it.
After leaving Louisiana, Olson turned up in Colorado Springs, under the assumed name "Bob Johnson" where also tried to steal money from investors with a bogus commodity scheme. He and his girlfriend, Linda Morgan, who have since disappeared.
Extra Notes: The case was featured as a part of the August 30, 1995 episode.
Results: Captured. A viewer recognized Ray Olson and Linda Morgan as a couple who had rented his sister's beach house in Oregon. Olson and Morgan were soon arrested at the viewer's sister's beach house in Oregon. Olson pleaded guilty to money laundering and fraud. He was later sentenced to 87 months in prison, and ordered to pay over $6 million in restitution to the victims of his scams. Ray Olson died in 2010.
Links: None