BRIDGEPORT, Conn. (March 21, 2025) – Jamil Swati, the head of strategic investments at Theia Group, Inc., was arrested on Tuesday in Bridgeport and charged with conspiracy to commit wire fraud and two counts of mail fraud, according to a news release from U.S. Attorney for the District of Columbia, Edward Martin Jr.
Swati’s arrest comes as part of a broader investigation into Theia Group, with four additional arrests made this week, including:
Erlend Olson in Albuquerque, New Mexico
Stephen Buscher in Memphis, Tennessee
John Gallagher in Broomall, Pennsylvania
Joseph Fargnoli in Rochester, New York
Theia Group, which planned to launch 112 satellites starting in 2022, aimed to raise between $10 billion and $15 billion by promising data and analytics in exchange for upfront investments. However, from its founding in 2015 until its receivership in 2021, Theia struggled to secure any funding aside from approximately $250 million in loans and investments, which were obtained through fraudulent means.
Theia’s founders allegedly engaged in a fraudulent scheme involving false claims about government contracts and fabricated financial statements, including a fake $6 billion escrow account. The scheme also included false representations about Theia’s technical capabilities.
Between 2018 and 2020, Olson, Theia’s founder, concealed millions of dollars in compensation from the IRS. He failed to file tax returns or pay taxes, directing his compensation to a nominee entity, Meridian Vector Corporation (MVC). Using MVC funds, Olson paid personal expenses such as private jet memberships, luxury items, and housing, including $64,500 in annual rent payments for his home and properties in Las Vegas.
Olson is also charged with evading more than $3.9 million in personal federal income taxes by failing to report his pay and bonuses from 2009 to 2011.
The ongoing investigation highlights the serious charges facing the Theia Group executives and their involvement in a scheme that misled investors and government entities, using fraudulent tactics to secure funding for their satellite venture.
