Cedar Rapids investment advisor gets 10 years in prison
Written by Amie Steffen, Internet Director - email
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."
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