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TALLAHASSEE, FL – Attorney General Bill McCollum today announced that a Miami man was convicted of criminal racketeering and grand theft. Jean Claude Noel was involved in a criminal scheme that collected over $1.2 million in advance fees for loan brokering from victims in numerous states. The case was prosecuted by the Attorney General’s Office of Statewide Prosecution.

Victims were led to believe Noel and his co-conspirators could fund multi-million dollar loans to finance the victims’ expansion or venture capital plans. The victims were charged an advance fee which they were told was fully refundable if their application was not accepted. After the applications were accepted by the defendants, victims were told they had to put up a percentage of the amount of loan proceeds sought, which they were promised would be held in escrow until the funding was completed. No loans were ever funded and the purported letters of credit and letters promising funding were all fraudulent. Noel’s role in the conspiracy was to act as the international banking contact and to create all the fraudulent banking documents, letters of credit and banking guarantees.

Noel and his co-conspirators promised their victims they had 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 through a network of associates who referred the victims for a finder’s fee. The victims were promised the fees would be held in escrow until their promised funding arrived, but Noel and his co-conspirators took the money for their own personal gain. The investigation was conducted by the Florida Department of Law Enforcement.

Co-defendant Ralph deLuise a.k.a. Ralph McNamara, was previously convicted and is currently serving a prison sentence of 15 years. Co-defendants William DeFalco and Maurice Rico previously pled guilty to similar charges and cooperated with the state. Each received a sentence of five years in prison to be followed by ten years reporting probation with obligation for restitution upon release from prison. Co-defendants Philip Morrel Wilson and Richard Keats are both deceased.

Noel is facing 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, costs of prosecution and costs of investigation.