Con Man Paul Noe's Scheme to Make Money Off Elderly Veterans
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But in the print paper we didn't have room to lay out Noe's revised scheme for making money off old people's assets. In this web extra we'll show you the documents Noe uses to recruit elderly veterans to qualify for federal benefits. As Noe describes in a scheme laid out for prospective sales recruits, when the first check arrives, one of Noe's reps calls to sell investments that might, or might not, be in the veteran's best interest.
We've followed Noe over the years as he was investigated and sanctioned by the California Department of Insurance and sued by the California Attorney General.
Noe's current scheme seems to warrant similar scrutiny: He's apparently been training a sales force to encourage seniors to exaggerate their medical needs, then sell them high-fee annuities when benefits come through.
In a document titled How Much Will You Make? Noe's operation, NSA Educational Academy, tells recruits that they'll make more than $5,000 weekly by persuading seniors to sign up to buy hundreds of dollars' worth of template documents. These include documents used in creating living trusts, caregiver agreements, and other asset-shielding schemes.
This apparently means selling elderly people ordinary unfilled paperwork as if it were something valuable. Here is an invoice for a caregiver agreement template Noe sells for $399.
With these, senior veterans can seemingly artificially impoverish themselves and thus qualify for a type of pension benefit meant only for poor and disabled veterans.
To achieve this goal, Noe team members must learn the ins and outs of the obscure Aid and Attendance pension provided by the Veterans Administration. Assisting them is an NSA Educational pamphlet, "How to Read the Report."
A decade ago the California Department of Insurance investigated Noe for duping seniors into setting up living trusts. This was step one in an elaborate pitch to sell them arguably inappropriate financial investments.
Today, Noe seems to be doing essentially the same thing. This NSA Educational Academy document describes how veterans can be advised to create living trusts, then fill them with annuities and other financial products sold by members of Noe's team.
This "Getting Started Kit" tells recruits how they can can earn commissions not only on document preparation services, but on insurance, real estate referrals, and even mortgage loans.
Key to all this is finding seniors willing to play along. A document with the title "Prospecting" his sales recruits to spend time at board and care homes, assisted living facilities, senior centers, and churches. Recruits should also cozy up to medical equipment providers, in-home caregivers, home health agencies, and discharge coordinators at convalescent centers.
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