Cedar Rapids investment advisor gets 10 years in prison - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids investment advisor gets 10 years in prison

Posted:
CEDAR RAPIDS (KWWL) -

A former Cedar Rapids investment advisor who swindled more than 35 investors was sentenced Monday to 10 years in prison.

Noah Aulwes, 56, was also ordered to pay more than $363,000 to dozens of victims, most of whom were older Iowans, according to the Linn County Office of the Attorney General.

Aulwes pled guilty to securities fraud, first-degree theft and money laundering in August.

Authorities say that between March of 2007 and May of 2010, Aulwes stole investors' funds and made Ponzi-type payments to investors.

To obscure his crimes, Aulwes diverted funds into a Philippines account and routed it back to an account in the United States, say authorities.

Linn County Judge Nancy Baumgartner sentenced Aulwes to three 10-year concurrent terms, meaning the prison terms are consolidated into one 10-year term.

"We're pleased with the judge's sentence," said Assistant Attorney General Rob Sand in a written statement. "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."

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KWWL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Sandy Youngblut at 319-291-1259. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.