The state is owed $13.5 million that allegedly was spent illegally as part of Ohio’s ill-fated investment in rare coins that shook up the state’s Republican leadership, the state auditor said in a report released Wednesday.
The audit alleges that coin dealer and Republican donor Tom Noe funneled state money into his own businesses, beginning the day in 1998 that he received the first of two $25 million investments from the state insurance fund for injured workers, according to a recent account by the Associated Press.
The auditor’s report was part of investigators’ support for a 53-count indictment last week against Noe accusing him of embezzling at least $1 million from the investment. Noe, 51, pleaded not guilty and was released on $500,000 bail.
A 10-month investigation of the coin investment also led to Gov. Bob Taft pleading no contest to ethics charges.
After the scandal broke last year, President George W. Bush and Republicans in Ohio rushed to give back donations from Noe. The furor also raised Democrats’ hopes of breaking a 14-year Republican lock on statewide offices.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed
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