Man Pleads Guilty in Linn County Court for Defrauding Millions of Dollars

The once owner of Cedar Rapids Covenent Advisers has pleaded guilty to securities fraud, first-degree theft and money laundering, at Linn County Court.

Noah Aulwes, 55, faces up to 30 years in prison and thousands in fines in connection with a ponzi scheme-like fraud that cost his victims millions.

Dwight Miller of Mason City told the Mason City Globe Gazette that he and his wife lost nearly $300,000 to Aulwes, whom they said appealed to them with Christian values and later threatened them when the Millers asked for their money back.

Miller said Aulwes told them, "I couldn’t touch him and if you try I will use your money (to fight it)."

The fraudulent practices spanned an over three-year period from 2007 to 2010.

His sentencing is set for Dec. 3.