A 56-year-old Cedar Rapids man has been sentenced to 10 years in prison for investment fraud. According to prosecutors, Noah Aulwes bilked more than 36 older Iowans with a Ponzi scheme.
Not only has he been sentenced to prison, but the judge ordered Aulwes to pay more than $363,000 to his victims. This summer he pleaded guilty to first degree theft, securities fraud and money laundering.
Prosecutors say Aulwes not only paid investors with other investor’s money, he funneled funds into an account in the Philippines and routed money back to an account in the United States” to cover up the theft.