Friday, July 22, 2005
Coin-Gate: Ohio AG states the obvious, Noe stole millions.
In todays Toledo Blade the top story is the Ohio Attorney General declaring that Tom Noe stole millions from the Bureau of Workers Compensation with his coin fund, described as a Ponzi scheme.
Tom Noe stole millions of dollars from the state and used a “Ponzi” scheme to fabricate profits within the state’s $50 million rare-coin investment, Ohio’s attorney general said yesterday.So the campaign contributions would probably explain the federal investigation as well.
“There was an absolute theft of funds going on,” Attorney General Jim Petro said.....
The attorney general said the theft began on March 31, 1998, the day Mr. Noe received the first of two $25 million payments from the workers’ compensation bureau, and continued until late May — more than eight weeks after The Blade first reported on April 3 that there were problems with the state’s investment.
“On Day One, Tom Noe took $1.375 million and put it in his personal or his business account,” Mr. Petro said. Records show that Mr. Noe immediately began using the state’s money for his personal use, the attorney general said.
A week later, Mr. Noe and his wife, Bernadette, made $4,500 in contributions to then-Secretary of State Bob Taft’s campaign for governor.
In the three months after the $1.375 million transfer of state funds, Mr. Noe made thousands of dollars in political contributions, including an additional $2,500 to Mr. Taft, $2,000 to then-Gov. George Voinovich’s Senate campaign, and $500 to Mr. Petro’s campaign for re-election to the state auditor post he held before becoming attorney general.
When asked if he believed the state’s money had been used for campaign contributions, Mr. Petro said: “I don’t see that. I mean, clearly, Tom Noe personally contributed to campaigns and the source of his funds could very well be public money.”So the Attorney General "didn't see that". And this guy is running for governor of Ohio. Just imagine what he won't be able to see in that office.
But Mr. Petro connected the dots on Mr. Noe’s personal purchases, saying the Noes used “public money” to acquire millions of dollars worth of homes, cars, and boats.
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