Family members plead guilty to fraud

Ray LeNobel, 77, and Michael Nateece, 37, each pleaded guilty to one felony count of securities fraud in connection with the sale of stock between January and July 1993. LeNobel's wife, Anna Nateece, 60, pleaded guilty to disturbing the peace in the case, according to the Attorney General's Office.

All three agreed to pay $100,000 restitution to the victim, Shelley Stepanek. If the money is paid back, LeNobel and Michael Nateece will be allowed to withdraw their felony pleas and plead to a misdemeanor conspiracy to commit securities fraud.

"We're happy with the way the case worked itself out," said David Chesnoff, an attorney for LeNobel and Anna Nateece. "It was more the nature of a civil case than a criminal case."

Michael Nateece was dating the victim when he encouraged her to invest in his mother's fur business. After the victim had paid most of the $100,000 she agreed to invest, Nateece broke off the relationship.

The victim said she was told she would receive between $200,000 and $400,000 in profits during the first year of operation and that the investment was risk-free.

The fur business, which works from sublet stores in several hotel properties, has provided furs for several celebrities like Siegfried & Roy.

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