FOR IMMEDIATE RELEASE, December 3, 2012
Judge Sentences Cedar Rapids Investment Advisor to Prison,
Orders $363,000 in Restitution to Dozens of Victims
(CEDAR RAPIDS, Iowa) A Linn County judge this afternoon sentenced a former Cedar Rapids investment advisor to ten years in prison and ordered him to pay more than $363,000 to dozens of victims.
In August, Noah Aulwes, 56, pleaded guilty to securities fraud, first-degree theft, and money laundering. From March 2007-May 2010, Aulwes stole investors’ funds and made “Ponzi-type” payments to other investors. Aulwes also diverted funds into an account in the Philippines and routed money back to an account in the United States in an effort to obscure the theft and fraud.
Aulwes victimized more than 35 investors, most of whom were older Iowans.
Linn County Judge Nancy Baumgartner sentenced Aulwes to three ten-year concurrent terms, meaning the terms are consolidated into one ten-year term. The judge also ordered Aulwes to pay more than $363,000 in restitution.
“We’re pleased with the judge’s sentence. The prison sentence and the restitution order together send a strong message that we’ll hold accountable those who steal hard-earned money from older Iowans,” Assistant Attorney General Rob Sand said following the sentencing.
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