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July 22, 2005

Coingate returns

Ohio’s Attorney General has finally concluded what everyone else knew all along—that Republican uber-fundraiser and “Bush Pioneer” Tom Noe is a crook:

Tom Noe converted millions of dollars in Ohio money for personal use, while using a “Ponzi” scheme to hide what was taking place within his $50 million state-funded rare-coin venture, the state’s top attorney charged today.
Attorney General Jim Petro said there is evidence that Mr. Noe may have pocketed nearly $4 million in money invested with him through the Ohio Bureau of Workers’ Compensation, including a $1.375 million wire transfer to Tom Noe, Inc., a company Mr. Noe owned and controlled, on the same day he received the first of two $25 million payments from the Ohio Bureau of Workers’ Compensation in 1998.
Mr. Petro asked a judge today to further restrict the sale of Mr. Noe’s assets, and amend the state’s lawsuit against the Toledo-area coin dealer to include charges of breach of contract, negligence, and unjust enrichment.
... The announcement came the same day that The [Toledo] Blade reported that there was a flurry of activity in the coin funds in the weeks leading up to the state’s freezing of its assets on May 24, two days before Mr. Noe’s attorneys acknowledged that up to $13 million of the state’s money was missing.

More Coingate fun here.

Posted by Stephen at 12:05 AM in Politics | Permalink | TrackBack (0)

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