Documents Track Ohio Funds to Noe Companies

From the first days of Ohio’s $50 million rare-coin investment, money flowed to coin dealers across the country and into the personal business accounts of Tom Noe.
With the first $25 million, Mr. Noe quickly invested money into real estate and his associates’ coin businesses, and he brokered multimillion dollar coin deals that made the state little money but that allowed him to unload his coins for hundreds of thousands to the state, according to rare-coin records released yesterday by the state.
At the center of the millions in deals was Rare Coin Enterprises LLC, the company Mr. Noe created and infused with $2 million nine days after he received the first $25 million in rare-coin money from the Ohio Bureau of Workers’ Compensation.
With the first cash from the state, Mr. Noe created Capital Coin Fund Limited, but that rare-coin face of the state would remain behind the scenes, intentionally.