Home Minneapolis Press Releases 2009 South St. Paul Man Indicted for Robbing Five Financial Institutions
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South St. Paul Man Indicted for Robbing Five Financial Institutions

U.S. Attorney’s Office December 02, 2009
  • District of Minnesota (612) 664-5600

A federal grand jury has returned an indictment against a 47-year-old South St. Paul man for allegedly robbing four banks and one credit union and attempting to rob another bank. In an indictment filed with the U.S. District Court earlier today, Steven Lee Olson was charged with four counts of bank robbery, one count of credit union robbery, and one count of attempted bank robbery.

The indictment alleges Olson took $1,270 from the MidCountry Bank in Inver Grove Heights on September 25, 2009; $2,500 from the Central Bank in South St. Paul on September 30, 2009; $1,645 from a Wells Fargo Bank in Minneapolis on October 6, 2009; $1,055 from the First State Bank of Rosemount on October 21, 2009; and $1,514 from the Wakota Federal Credit Union in South St. Paul on October 30, 2009. It also alleges Olson attempted to take money from the Cherokee State Bank in St. Paul on October 20, 2009.

According to a Federal Bureau of Investigation affidavit, the Wakota Federal Credit Union was robbed at 4:58 p.m. on October 30, 2009. The robber, later identified as Olson, allegedly walked up to a teller, pointed a gun at her, and demanded “banded” money. The teller was too scared to respond, so Olson went to a second teller, who gave him cash.

After taking the money, Olson allegedly left the premises. He was wearing a red jacket and had a red bandana covering a portion of his face. A citizen who observed the robbery followed Olson, who took off in a Dodge Intrepid vehicle. Using a cell phone, the citizen contacted law enforcement and reported Olson’s location.

Responding to the citizen call, authorities located Olson, who then allegedly fled the scene in his vehicle. Law enforcement pursued him for about two miles before he jumped from his vehicle and allegedly attempted to outrun the police. Following a short foot chase, Olson was apprehended.

During a subsequent search of Olson’s vehicle, officers found the red-hooded jacket, a red bandana, a toy revolver, loose bills, and a bank bill wrapper from the First State Bank of Rosemount, which was robbed on October 21, 2009.

If convicted, Olson faces a potential maximum penalty of 20 years on each of the six counts against him. All sentences are determined by a federal district court judge. This case is the result of an investigation by the South St. Paul Police Department and the FBI, with assistance from the Inver Grove Heights and West St. Paul police departments. It is being prosecuted by Assistant United States Attorney Nathan P. Petterson.

An indictment is a determination by a grand jury that there is probable cause to believe that offenses have been committed by a defendant. A defendant, of course, is presumed innocent until he or she pleads guilty or is proven guilty at trial.

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