Monday, May 23, 2005

More from Ohios' Coin-Gate

In the Toledo Blade we learn this new fact.
It looked like Mark Chrans had reached a dead end in 1999.

A bank was foreclosing on the house the rare-coin dealer and his wife, Dinah, had bought in an upscale neighborhood in Lexington, Ky., and other creditors were lining up.

Chrans told the federal bankruptcy court he had $300 in clothing, $750 in cash, and a 1988 Mercury Sable worth $1,500.

But he had something else - a benefactor by the name of Tom Noe who was sending him $25,000 a month from the state of Ohio.

And, records show, Mr. Noe had loaned Chrans an additional $250,000 - again money from the state of Ohio.

In his bankruptcy filings, Chrans listed his creditors as the bank that loaned him the money to buy the Lexington house, the IRS, and other state and local tax collectors.

But Chrans didn't list Mr. Noe's Capital Coin Fund Limited, which had hired Chrans to buy and sell rare coins with money from the Ohio Bureau of Workers' Compensation.

In fact, as he filed for Chapter 13 bankruptcy protection, Chrans and his wife were starting a new life in southern California.

Mr. Noe, a Toledo-area coin dealer and prominent Republican fund-raiser, helped Chrans make a fresh start.

Within a couple years, the rare-coin dealer, now in California, was $850,000 in debt to Mr. Noe, an amount Mr. Noe wrote off as uncollectible.
Sort of like the State of Ohio was his personal piggy bank.

The article has a good summary of the scandal if you missed anything.

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