Hi Berkansado,
I just checked on this page: Cameras supported by Camera Raw
and it shows that the minimum Adobe Camera Raw that would work with your new camera is version 9.9. It also seems that the version of ACR that came with Elements 12 was (I think) v. 8.
At a minimum, see if you can update the ACR within your PS Elements to a more recent version. The one limitation on this will be that any application will be limited how far it can use a plugin that was made long after the application was made. (An application can only go back so far.)
You do have two options: download the free application DNG Converter Digital Negative (DNG), Adobe DNG Converter | Adobe Photoshop CC
Open this application and then point it to the DNG converter. This will take all of the files you created and it will convert the Olympus raw format into the DNG format. These images should be accessible to your version of PS Elements.
Alternatively, you can update your copy of PS Elements and easily open your new Olympus images and enjoy all of the new features that newer version of software can provide.
Please let us know if either of these provides the solutions help you.