Evergreen Coin Dealer Implicated In Coin Misuse

POSTED: 7:51 am MDT May 21, 2005

TOLEDO, Ohio -- The Ohio Bureau of Workers' Compensation said an Evergreen, Colo.-based coin dealer used coins from an investment fund to make deals for himself. The alleged misuse of the fund managed by a former employee of coin dealer and prominent Republican fundraiser Tom Noe of suburban Maumee came to light during a review of its inventory by an accounting firm and discussions between the bureau and Noe, bureau spokesman Jeremy Jackson said Friday. The bureau has invested about $50 million in state money in rare-coin funds managed by Noe. The bureau has said there is no connection between the investments and Noe's contributions to Republican candidates, which has totaled more than $70,000 since 1994. The bureau has made $15.3 million from the investments while Noe has collected about $3.8 million.