Tom Noe stole millions of dollars from the state and used a “Ponzi” scheme to fabricate profits within the state’s $50 million rare-coin investment, Ohio’s attorney general said yesterday.
“There was an absolute theft of funds going on,” Attorney General Jim Petro said.
Mr. Petro said there is evidence that Mr. Noe pocketed nearly $4 million in money invested with the coin fund through the Ohio Bureau of Workers’ Compensation since 1998.
Mr. Petro asked a judge to further restrict the former Toledo-area coin dealer from selling personal assets because he believes they may have been purchased with state money.
State officials yesterday laid out a complicated scheme of payments between companies Mr. Noe controlled, which they say resulted in the theft of state money.
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