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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
PAUL HOWE NOE EXCHANGE COMMISSION CIVIL FRAUD COMPLAINT CLIF GOLDSTEIN VIOLATION ACT INVESTORS INDICTMENT WIRE FRAUD TRANSPORTATION STOLEN SECURITIES CONSPIRACY DEFRAUD FINDERS UNDERLYING ACTIVITIES THEREUNDER PERMANENT INJUNCTIONS FUTURE VIOLATIONS ANTI-FRAUD PROVISIONS DISGORGEMENT DEFENDANTS ILL-GOTTEN GAINS PLUS GAINS PLUS PREJUDGMENT CIVIL PENALTIES JUDGMENTS SETTLEMENT |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18349 / September 12, 2003
, (Civil Action No. 3 02-485-17) (D.S.C. February 14, 2002)
, (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. . The SEC trial is
scheduled for January 2004.
_________________________________________________________________
Modified 09/12/2003
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