Noe is freed on $1 million bond in Florida; coin dealer set to appear in

[Judi Lynn]

Article published Saturday, October 29, 2005

OHIO SCANDAL
Noe is freed on $1 million bond in Florida; coin dealer set to appear in Toledo federal court on Monday


Tom Noe, right, leaves federal court in Orlando, Fla., with his attorney.
( ASSOCIATED PRESS )

By MIKE WILKINSON and JAMES DREW
BLADE STAFF WRITERS

ORLANDO, Fla. - Tom Noe got his first taste of the federal justice system yesterday when he appeared in shackles and handcuffs before a U.S. magistrate on charges that he laundered $45,400 into President Bush's re-election campaign.

Mr. Noe left the federal courthouse in the afternoon after posting a $1 million bond secured by the Florida Keys home that is listed under the name of his wife, Bernadette. He did not talk to reporters.

Mr. Noe, 51, surrendered to the FBI in the morning, and authorities fingerprinted him, took his mug shot, and placed him into a holding cell. He shared the cell with other detainees, some of whom were suspected drug offenders, officials said.

Myles Malman, Mr. Noe's attorney in Florida, said Mr. Noe maintains his innocence.
(snip/...)

http://toledoblade.com/apps/pbcs.dll/article?AID=/20051029/NEWS02/510290385



Tom Noe.

[liberalnurse]

1. Let me encourage everyone to sign the Petition

for *bush to return Ohio's money!


As many of you now know, Tom Noe, the Lucas County businessman at the center of the state government scandals, was indicted earlier this week in Toledo for laundering more than $45,000 to the Bush/Cheney Campaign in 2003.

It's time to demand that George Bush return that money.

Sign the Petition:

http://demo.blueutopia.com/index.php?page=display&id=90

DU Thread Link.....

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=2193932&mesg_id=2193932

[Judi Lynn]

2. Thanks for making it so easy,liberalnurse.Appreciate the opportunity. n/t

[Frances]

8. I appreciate the link too

It was easy to sign the petition.

[MagickMuffin]

3. Recent photo

this is a current photo, from his appearance at court.

So, he's innocent is he. Funny I thought it was against the law to funnel money into campaigns.

[rpannier]

4. Is that his mug shot by any chance???

I wonder if his looks anything like tom's

[izzie]

5. I do not think I understand just what went on here.

I swear I read they put retirement money in to coins. I must be wrong on this. It puts me in mind of the local coin dealer I used to go to, so I am sure I am really out in left Field on this one.

[MagickMuffin]

6. It was the Workers Compensation fund

Since 1998, Ohio has invested millions of dollars in the unregulated world of rare coins, buying nickels, dimes, and pennies.


Controlling the money for the state? Prominent local Republican and coin dealer Tom Noe, whose firm made more than $1 million off the deal last year alone.

The agreement to invest the money in rare coins is rare itself: The Blade could find no other instance of a state government investing in a rare coin fund. Neither the state nor Mr. Noe could provide one.

"I don't think I'd be excited to invest in rare coins," Vermont Treasurer Mike Ablowich said. "It's a little unusual."

The Ohio Bureau of Workers' Compensation has continued to be the sole investor in Mr. Noe's Capital Coin funds despite strong concerns raised by an auditor with the bureau about possible conflicts of interest and whether the state's millions were adequately protected.

And the state has maintained its stake in Capital Coin despite documented problems:

Two coins worth roughly $300,000 were lost in the mail in 2003.
The firm has written off $850,000 in debt over the last three years to cover a failed business relationship.

Mr. Noe has loaned some of the state's money to a local real estate business that buys and sells central-city homes. A state auditor could not find documents to prove if the loans were sufficiently covered by the value of real estate that a Capital Coin subsidiary held as collateral.

Since the state first ventured into rare coins, Capital Coin has split $12.9 million in profits with the state, with Capital Coin keeping 20 percent, or nearly $2.6 million.

<<SNIP>>

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050403/NEWS24/504030349

[Schmajo]

7. Not retirement -- Workers' Comp

Noe was named a private "manager" of investment funds by the Ohio Bureau of Workers' Compensation. (Ohio is one of the few states that still has a state-run system, not private insurance). The "coin fund" (which also included 'investments' in real estate, loans, and some other non-coin 'collectibles') has been taken over by the state and is being liquidated. The investigation is ongoing (by Repub state AG and a couple county prosecutors), but no charges yet. Noe's attorney has admitted there may be up to $13 million 'missing' from the coin fund.

Noe was a high roller Repub fundraiser from the Toledo area. A couple of the unreported golf outings that Gov.Taft copped a plea on were paid for by Noe. He was already being investigated by the Feds for these campaign violations when "Coingate" came to light.

The story originally was pursued by the Toledo Blade.