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Friday, September 30, 2005

Noe Accused of Stealing Funds

Ohio News Now and WBNS10-TV Columbus
Sep 30, 2005, 09:39 AM EDT
Reported by Ted Hart

Coin dealer Tom Noe is accused of moving $240,000 in state money to a personal account and using that money for personal use.

Attorney General Jim Petro says they are finding more and more direct evidence that Tom Noe was stealing from the rare coin fund that belonged to the Bureau of Workers Compensation.

Noe was supposed to be investing in rare coins. First, the BWC gave him $25 million to invest, that was called Coin Fund One. He was then given another $25 million, called Coin Fund Two.

The attorney general says it's now clear that on two days in December of 2002, Noe shifted $120,000 of Coin Fund money to help pay for a home on Catawba Island.

"From Coin Fund Two to vintage coin to Tom Noe, the same exact amount then used to pay off an obligation that acquires that property at Catawba. To me, that's a pretty darn good tracing," says Petro.

Petro also unveiled evidence of check forgery by Noe and showed how Noe may have moved money from one coin fund to another to make it appear as though it were turning a profit.

The attorney general is asking the court to take custody of all of Noe's personal and business assets.

Petro says he expects to eventually win a judgment and wants to make sure there's still some money there when that time comes.