Jean Claude Noel of Miami man was convicted of criminal racketeering and grand theft Monday in a criminal scheme that collected more than $1.2
million in fees for loan brokering from victims in numerous
states. The case was prosecuted by the Attorney General's Office of
Statewide Prosecution.
Noel faces a minimum sentence of 42 months in state prison and could
be sentenced to up to 60 years. He also faces a fine of $3.6 million,
Fact Box
Victims were led to believe Noel and his co-conspirators could fund No
loans were ever funded and the purported letters of credit and letters
promising funding were all fraudulent.
costs of prosecution and costs of investigation.
Victims were led to believe Noel and his co-conspirators could fund No
loans were ever funded and the purported letters of credit and letters
promising funding were all fraudulent.
Noel and his co-conspirators promised victims access to millions of dollars for venture capital funding and used fraudulent letters of credit purporting to be from reputable banks to support these claims. Victims were targeted either through Internet advertising or a network of associates who referred the victims for a finder's fee.
Co-defendant Ralph deLuise aka Ralph McNamara, was previously convicted
and is serving a prison sentence of 15 years. Co-defendants
William DeFalco and Maurice Rico previously pleaded guilty to similar charges
and cooperated with the state. Each received a sentence of five years in
prison to be followed by 10 years probation with obligation for
restitution upon release from prison. Co-defendants Philip Morrel Wilson
and Richard Keats are both deceased.
