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U.S. Securities and Exchange Commission


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.



Modified: 09/12/2003