Tuesday, October 11, 2005

Noe transferred coin cash before giving to politicians

This is getting interesting. It seems that Tom Noe, stole from the state pension fund, and used at least part of that theft to fund Republicans in Ohio.

COLUMBUS — Tom Noe often transferred tens of thousands of dollars from the Ohio rare-coin funds he managed to his personal business before bankrolling Republican candidates and causes with contributions and loans.A Blade examination of the accounting records from Mr. Noe’s $50 million rare-coin
venture shows a pattern of large sums of money moving from the coin funds to his personal business, Vintage Coins and Collectibles, in the days and weeks before the coin dealer and his wife, Bernadette, made contributions to Republican
candidates ranging from President Bush to U.S. Sen. George Voinovich and Gov. Bob Taft down to Lucas County Auditor Larry Kaczala.

Mr. Noe typically listed the payments from the coin funds to Vintage Coins as "profit distributions" or "coin purchases."But both of those explanations have been assailed as fraudulent by
Ohio Attorney General Jim Petro, who has branded Mr. Noe a thief and accused the former Toledo-area coin dealer of running a Ponzi scheme and making questionable coin trades with the state fund.

There's more to the story at the link.


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