Financial advisor charged with stealing millions from NYC church

Olof Olsson allegedly siphoned donations to pay for personal expenses and a failed business venture

Apr. 16, 2026 at 7:36pm

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An extreme close-up of a stack of cash and coins, lit by a harsh, direct camera flash against a pitch-black background, conceptually representing the financial fraud at a New York City church.The alleged theft of millions in church donations exposes the vulnerability of religious institutions to financial crimes.NYC Today

A 45-year-old financial advisor and baker has been charged with stealing over $3.8 million in donations from the historic Swedish Church of New York over a six-year period. Olof Olsson, who served on the church's board, is accused of funneling the money into a secret bank account and creating fake financial records to cover up the theft.

Why it matters

The case highlights the vulnerability of religious institutions to internal fraud and the importance of strong financial oversight, especially for organizations that rely heavily on donations from parishioners. It also raises concerns about the potential exploitation of positions of trust within community-based organizations.

The details

Prosecutors allege that Olsson, who worked as a licensed securities broker handling the church's assets, used the stolen funds to pay for his own personal expenses and an unspecified failed business venture. He is accused of creating fake financial records to conceal the theft from the rest of the church's board.

  • Olsson's alleged theft began in 2018 and continued for six years until 2025.
  • The fraud was uncovered in late 2025 by the New York Attorney General's Public Integrity Bureau.

The players

Olof Olsson

A 45-year-old financial advisor and baker who served on the board of the Swedish Church of New York and is accused of stealing over $3.8 million in donations from the church.

Letitia James

The New York Attorney General who announced the charges against Olsson and stated that he took advantage of his position of trust within the church.

Swedish Church of New York

Also known as the Swedish Seamen's Church, this historic house of worship in Midtown Manhattan was the victim of the alleged fraud.

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What they’re saying

“When churchgoers donate money, they expect their generous contributions will be used to support their church and its mission. Olof Olsson took advantage of his role as a trusted member of the Swedish Church of New York to steal millions of dollars from his fellow churchgoers.”

— Letitia James, New York Attorney General

What’s next

Olsson has been hit with a 24-count indictment, including charges for first-degree grand larceny and 18 counts of possessing forged instruments. If convicted on the top counts, he could face up to 25 years in prison.

The takeaway

This case highlights the importance of strong financial oversight and internal controls for religious institutions that rely heavily on donations. It also underscores the need for community-based organizations to carefully vet individuals in positions of trust to prevent potential exploitation and abuse.