Engineer counts on invention to revolutionize manufacturing, restore his finances

Engineer counts on invention to revolutionize manufacturing, restore his finances

August 26th, 2012 by The Commercial Appeal in Local - Breaking News

Stephen G. Olita

Photo by The Commercial Appeal /Times Free Press.

Stephen G. Olita is an award-winning electrical engineer who ran a stable, $10 million-a-year business, drew a $500,000 salary, took private jets on Hawaiian vacations, and owned a 10,000-square-foot home on a 22-acre Collierville estate worth millions.

The hardworking grad of Christian Brothers High, Christian Brothers University and the University of Memphis risked and lost it all.

"Personally, I'm in the toilet (financially)," he said last week. "My family's in the toilet. The bankruptcy's pending."

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