Former Freeborn County Commissioner Charged with Stealing Approximately $1 Million from Escrow Accounts

A former Freeborn County Commissioner who operated a real estate closing company was charged earlier today in federal court in St. Paul with converting funds from escrow accounts for personal use. Linda Kae Tuttle-Olson, age 60, of Albert Lea, was charged by way of an Information with one count of wire fraud.

The Information states that from 2003 through 2010, Tuttle-Olson was the president of Freeborn County Abstract Co. (“ALAC”) ALAC conducted real estate closings, held funds in escrow to be disbursed pursuant to closing instructions, and distributed loan proceeds as directed by lenders. As the company’s president, Tuttle-Olson received fiduciary and escrow funds from clients that were deposited into ALAC bank accounts. Tuttle-Olson then allegedly transferred funds from those accounts into other ALAC accounts, after which she wrote numerous checks to cash or herself from those accounts. In order to cover the funds she had withdrawn, Tuttle-Olson allegedly sent checks from one bank to another in an effort to produce artificial balances that would cover the checks. She purportedly operated this scam from January through June of 2010 and stole approximately $1 million.

If convicted, Tuttle-Olson faces a potential maximum penalty of 20 years in prison. All sentences will be determined by a federal district court judge.

This case is the result of an investigation by the Federal Bureau of Investigation, the Albert Lea Police Department, and the Iowa Division of Criminal Investigation. It is being prosecuted by Assistant United States Attorney Nancy E. Brasel.

A defendant, of course, is presumed innocent until he or she pleads guilty or is proven guilty at trial.