An Endless Stream of Lies by Rabon Don

Author:Rabon, Don
Language: eng
Format: epub
Publisher: Highly Motivated, Inc.
Published: 2015-06-15T04:00:00+00:00

As a result of Alex’s apparent, though deceptive, full disclosure, admission and cooperation, he was presented with a deal: he was allowed to plead to one count of conspiracy to commit mail and wire fraud. Alex faced a maximum penalty of five years’ imprisonment, a $250,000 fine, or both.

Noel was ultimately “indicted and arrested on one count alleging conspiracy to commit mail fraud, twenty-five separate counts alleging mail fraud, and two separate counts alleging making a false oath in connection with a bankruptcy proceeding.” Alex would provide testimony in Noel’s trial and, in the fullness of time, stand before a federal judge and be sentenced.

Noel was eventually convicted of twenty-three of the twenty-four federal charges. Those charges ranged from mail fraud and money laundering to conspiracy and bankruptcy fraud. The press release issued by the Western District of North Carolina on March 5, 2010, read as follows:

Bryan Noel Found Guilty by Federal Jury

Henderson County Man–Former Owner of CEP, Inc., Remains in Federal Custody Awaiting Sentencing

U.S. Attorney’s Office March 05, 2010

Western District of North Carolina (704) 344-6222

ASHEVILLE, NC—Former owner of Certified Estate Planners, Inc. (“CEP”), Bryan Noel, 40, of Hendersonville, was convicted today by a jury in U.S. District Court of criminal charges that include mail fraud, bank fraud, money laundering, money laundering conspiracy, making a false oath in connection with a bankruptcy proceeding, and making false statements to a bank. The criminal charges were filed in connection with Noel’s investment scheme that resulted in losses of millions of dollars of innocent investors’ monies. Noel’s trial took place in U.S. District Court in Asheville, beginning on Wednesday, February 17, 2010 and continuing through Thursday, March 4, 2010, before The Honorable Richard L. Voorhees, U.S. District Judge. Today’s announcement is made by U.S. Attorney Edward R. Ryan of the Western District of North Carolina.

Joining Ryan in making today’s announcement is Owen D. Harris, Special Agent in Charge of Federal Bureau of Investigation Operations in North Carolina.

The evidence at trial showed that Noel owned an estate planning firm in Hendersonville that targeted elderly retirees. Noel would hold seminars at local restaurants, offering a free lunch and pitching an investment program to the retirees that included a promise that their funds would be pooled and invested in the stock market. In fact, the evidence showed that, after collecting approximately $10 million for dozens of retirees, Noel diverted more than $4 million of the retirees’ funds to his risky start-up companies, including a mineral exploration venture in Peru and a composite lumber company, both of which failed. Investors were not told of these diversions.

The evidence at trial further showed that, as the scheme began to falter, Noel sought and obtained a $1.25 million loan from Carolina First Bank in January 2006 by representing that the funds would be used to purchase equipment. In fact, Noel intended to, and did, invest those funds in the stock market to generate sufficient funds to replace the diverted retiree funds. Ultimately, however, more than $300,000 of these funds were lost in the stock market.

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