Does the fatty acids in olive oil convert into trans fatty acids when heated?
No.

Trans fats require a specific process to form. Oil is heated under pressure, and hydrogen gas is injected in the presence of a catalyst. This forces a chemical reaction to occur, resulting in what we call trans fats.

No kitchen is likely to have the ingredients (e.g. hydrogen gas) and equipment necessary for making trans fats. You will not make trans fats by accident in your kitchen through heat alone.

Sources:


American Heart Association
Popular Science: Where Do Trans Fats Come From, And Why Are They So Bad?
Myth Buster: Olive Oil is One of the Safest Oils for Frying and Cooking