SEC v. Paul Howe Noe; and Clif Goldstein, No. LR-18349, District of South Carolina (Sept. 12, 2003) — Press Release
raw: Paul Howe Noe, et al.
Paul Howe Noe, et al., No. LR-18349 (Sept. 12, 2003)
Paul Howe Noe was convicted on seven criminal counts, including wire fraud and conspiracy, for orchestrating a prime bank fraud scheme that defrauded over 20 investors of at least $1.1 million, while the SEC pursued civil charges against him and co-defendants, securing default judgments against two entities and a settlement with Clif Goldstein.
Paul Howe Noe was convicted on September 3, 2003, on seven criminal counts—five counts of wire fraud, one count of transportation of stolen securities, and one count of conspiracy—for defrauding more than 20 investors of at least $1.1 million in a prime bank fraud scheme. The SEC had filed a civil complaint on February 14, 2002, alleging violations of securities anti-fraud provisions against Noe, Clif Goldstein, four finders, and two entities, seeking injunctions, disgorgement, and civil penalties. Default judgments were obtained against the two entities, and a settlement in principle was reached with Goldstein, while Noe’s civil trial was scheduled for January 2004.
Paul Howe Noe was convicted on September 3, 2003, by a South Carolina jury on seven criminal counts, including five counts of wire fraud, one count of transportation of stolen securities, and one count of conspiracy, for orchestrating a prime bank fraud scheme that raised at least $1.1 million from more than 20 investors. The Securities and Exchange Commission (SEC) had filed a civil complaint on February 14, 2002, against Noe, Clif Goldstein, four finders, and two entities, alleging violations of Sections 17(a)(1), 17(a)(2), and 17(a)(3) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5. The SEC sought permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties. Default judgments were secured against the two entities named in the complaint, and the SEC reached a settlement in principle with co-defendant Clif Goldstein. Noe’s criminal conviction followed a jury verdict, while his civil trial with the SEC was scheduled for January 2004. The case exemplifies coordinated federal criminal and civil enforcement actions against a career criminal involved in a sophisticated financial fraud scheme.
Extracted insights
- $1.10M $1.1 million $1M–$10M
- person paul howe noe
- person prime bank fraud scheme
- agency Securities and Exchange Commission
- person south carolina jury
- South Carolina Jury Returned Guilty Verdict Against Paul Howe Noe
- Prime Bank Fraud Scheme Raised $1.1 Million From More Than 20 Investors
- Paul Howe Noe Was Convicted On 7 Counts of the Indictment
- SEC Filed Complaint Against Paul Howe Noe, Clif Goldstein, Four Finders and Two Entities
- SEC Seeks Permanent Injunctions, Disgorgement, and Civil Penalties
- SEC Obtained Default Judgments Against Two Entities
- SEC Has Settlement in Principal with Clif Goldstein
Litigation Release No. 18349 / September 12, 2003 SECURITIES AND EXCHANGE COMMISSION v. PAUL HOWE NOE, ET AL., (Civil Action No. 3:02-485-17) (D.S.C. February 14, 2002) UNITED STATES v. PAUL HOWE NOE, ET AL., (Criminal No. 3:02-0096) (D.S.C. September 3, 2003) On Wednesday, September 3, 2003, a South Carolina jury returned a guilty verdict against career criminal Paul Howe Noe for his role in a prime bank fraud scheme that raised at least $1.1 million from more than 20 investors. Noe was convicted on 7 counts of the indictment - - 5 counts of wire fraud, one count of transportation of stolen securities, and one count of conspiracy to defraud. On February 14, 2002, the SEC filed a complaint against Paul Howe Noe, Clif Goldstein, four finders and two entities for the same underlying activities as in the related criminal case, in violation of Sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission seeks permanent injunctions against future violations of the anti-fraud provisions, disgorgement of defendants' ill-gotten gains plus prejudgment interest, and civil penalties. The SEC has obtained default judgments against the two entities named in the complaint and has a settlement in principal with Clif Goldstein. See Litigation Release No. 17362. The SEC trial is scheduled for January 2004.
Litigation Release No. 18349 / September 12, 2003 SECURITIES AND EXCHANGE COMMISSION v. PAUL HOWE NOE, ET AL., (Civil Action No. 3:02-485-17) (D.S.C. February 14, 2002) UNITED STATES v. PAUL HOWE NOE, ET AL., (Criminal No. 3:02-0096) (D.S.C. September 3, 2003) On Wednesday, September 3, 2003, a South Carolina jury returned a guilty verdict against career criminal Paul Howe Noe for his role in a prime bank fraud scheme that raised at least $1.1 million from more than 20 investors. Noe was convicted on 7 counts of the indictment - - 5 counts of wire fraud, one count of transportation of stolen securities, and one count of conspiracy to defraud. On February 14, 2002, the SEC filed a complaint against Paul Howe Noe, Clif Goldstein, four finders and two entities for the same underlying activities as in the related criminal case, in violation of Sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The Commission seeks permanent injunctions against future violations of the anti-fraud provisions, disgorgement of defendants' ill-gotten gains plus prejudgment interest, and civil penalties. The SEC has obtained default judgments against the two entities named in the complaint and has a settlement in principal with Clif Goldstein. See Litigation Release No. 17362. The SEC trial is scheduled for January 2004.