Iowa investment adviser gets 10-year prison sentence

Published On: Dec 04 2012 08:41:31 AM CST
CEDAR RAPIDS, Iowa (AP) -

An Iowa investment adviser who admitted defrauding clients has been sent to prison and ordered to pay restitution.

The Gazette says Noah Aulwes, 56, was sentenced on Monday to 10 years and ordered to repay $363,000. He'd pleaded guilty to securities fraud, theft and money laundering after reaching a deal with Linn County prosecutors.

Aulwes had owned Covenant Advisors in Cedar Rapids. Authorities say Aulwes misappropriated investors' money for his personal benefit and to make payments to other investors.CEDAR RAPIDS, Iowa (AP)