The United States Attorney's Office said that a 48-year-old Monroe County resident has been indicted by a federal grand jury for wire fraud in connection with an alleged fraudulent investment scheme.

According to U.S. Attorney Peter J. Smith, the grand jury alleges that Jeffrey Olson, of Blakeslee, used wire transmissions to help further a fraudulent investment scheme related to his businesses, Northco Investments and Northco.It is alleged that Olson made false representations to persuade another person to give him more than $200,000 to invest in his company and promised substantial profits from the investments.The indictment was handed down last Tuesday, Feb. 22, and Olson was taken into custody by FBI agents last Thursday.Olson appeared before U.S. Magistrate Judge Malachy E. Mannion, entered a plea of not guilty, and was ordered to be detained in prison pending trial, which was set for April 25.The charge against Olson stems from an investigation by the FBI. The indictment alleges that Olsen committed the offense between July 2008 to February.Smith noted that if Olson is convicted of the charge, he faces up to 20 years in prison, a $250,000 fine, and up to three years of supervised release.The case is being prosecuted by Assistant U.S. Attorney Francis P. Sempa.