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Friday, September 30, 2005

How Tom Noe stole from Ohio coin funds

BLADE STAFF

Ohio Attorney General Jim Petro presented evidence today of how Tom Noe stole from the state’s $50 million rare coin funds.

According to a filing with the Franklin County Court of Common Pleas, Mr. Noe bilked the two coin funds established by the Ohio Bureau of Workers’ Compensation through a variety of methods, including check forgery.

Mr. Petro has already accused Mr. Noe of running a Ponzi scheme and stealing $4 million, claims he backed up today with a series of affadavits that showed:

• Mr. Noe transferred money between the coin funds to show a false profit to the bureau.

• Mr. Noe used money from the coin funds to purchase a Catawba Island vacation home from his father in-law, retired Lucas County judge Francis “Buddy” Restivo.

• Mr. Noe forged a $110,000 check with the name of a fellow member of the Ohio Board of Regents, Gerry Gordon. He used the check to route bureau money to a bank account he shared with his wife, Bernadette Noe.

William Wilkinson, a lawyer for Mr. Noe, did not return a phone call asking for comment.

The filing also alleges that Mr. Noe plans to establish residency in Florida so that Ohio cannot reclaim assets that Mr. Noe could have taken. Records show that as much as $13 million is missing from the coin funds.

Read more in later editions of The Blade and toledoblade.com.

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