Miami FL man convicted of loan scam

Claude Noel is facing a maximum sentence of sixty years in federal prison for his conviction in a loan brokering scam.

Mr. Noel and his co-conspirators would collect fees from their victims who believed the fees were going to assist them in their financing expansion or venture capital plans.

The conspirators ran the scam by creating phony companies and then creating fraudulent letters of credit to present to lending institutions to support their claims. They collected over one million three hundred thousand dollars from their victims. The victims of the scam never received the loans that were promises and the monies were used for the conspirators’ personal gain.

Mr. Noel was the international banking contact and was responsible for preparing the fraudulent financial documents, letter of credit and banking agreements.

Mr. Noel’s co-conspirator Ralph DeLuise as known as Ralph McNamara was sentenced to fifteen years in federal prison for racketeering, fraud, grand theft and money laundering in 2007.

Mr. Noels other conspirators included William DeFalco and Maurice Rico. Mr. DeFalco and Mr. Rico pleaded guilty and received sentences for five years in federal prison, ten years of probation with were ordered to pay restitution.

Mr. Noels had two other conspirators Philip Morrel Wilson and Richard Keats, both have passed away.

Mr. Noels also faces a fine of three million six hundred thousand dollars and to pay costs associated with the investigation.