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The E-Sylum:  Volume 9, Number 9, February 26, 2006, Article 34

"MR. MONEYBAGS" - NOE OHIO COIN SCANDAL AUDIT RELEASED

A February 23 article in the Toledo Blade details results of
a just-released audit of dealer Tom Noe's transactions related
to the Ohio coin fund scandal.

"Mr. Noe and an associate owe the state more than $13.5 million,
the audit found.

“He was basically bankrupt when he got the first $25 million,”
Auditor Betty Montgomery said yesterday.

The audit, which helped prosecutors build a 53 felony-count
case against Mr. Noe in Lucas County, also attacked the bureau
itself, saying it held Mr. Noe to a lower standard than other
firms and failed to review and monitor the rare-coin funds and
other investments."

"Most of the money is unaccounted for. But auditors from Crowe
Chizek and Company believe that hundreds of thousands of dollars
was used by Mr. Noe to pay home contractors, appliance dealers,
and to pay for a hospitality tent at the 2003 U.S. Senior Open
golf championship at Inverness."

"Count Mr. Gideon among those wondering where, if not how, Mr.
Noe got the money.

“We had no clue,” Mr. Gideon said. “We just thought he was Mr.
Moneybags.”

To read the complete article, see: Full Story

  Wayne Homren, Editor

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