|Unit||39 FTR INTCP SQ 35 FTR INTCP GP|
|Rank||First Lieutenant U.S. Air Force|
|Date of Death||October 6 1951|
|Status||Missing In Action|
Courts of the Missing
Korean Service Medal
National Defense Service Medal
Republic of Korea Presidential Unit Citation
Republic of Korea War Service Medal
United Nations Service Medal
First Lieutenant Olcott was awarded the Air Medal, the Purple Heart, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.
First Lieutenant Olcott was the pilot of a F-51D Mustang night fighter with the 39th Fighter-Interceptor Squadron, 35th Fighter-Interceptor Group. On October 6, 1951, while on a combat mission, his aircraft received a direct hit by anti-aircraft fire, burst into flames and crashed near Yongwon-ni, Korea. He was presumed dead on October 18, 1951. His remains were not recovered. His name is inscribed on the Courts of the Missing at the Honolulu Memorial.