Another "friend" indicted - Tom Noe

'Coingate' Figure Indicted

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1001391200

NEW YORK The Toledo Blade, which was first onto the so-called “Coingate” scandal in Ohio, broke another related story this afternoon, reporting that a federal grand jury has indicted the central figure in the coin scandal --Tom Noe, the former Maumee coin dealer suspected of laundering money into President Bush's reelection campaign--on three counts.

Noe's attorney, Jon Richardson, told The Blade he was called this afternoon and informed of the indictment.

The prosecutor later held a press conference in Toledo at 4:30 p.m.

“The U.S. Attorney's office announced in April that it was investigating Mr. Noe for possible violations of federal campaign finance laws,” the Blade wrote today.

Here is part of its report following the press conference:

"A federal grand jury has indicted Tom Noe — the former Toledo-area coin dealer at the center of a state investment scandal — on three counts for allegedly laundering money into President Bush’s re-election campaign.

"The three-count indictment says that beginning in October 2003, Mr. Noe contributed to President Bush’s election campaign 'over and above the limits established by the Federal Election Campaign Act.'

“He did so, according to the indictment, in order to fulfill his pledge to raise $50,000 for a Bush-Cheney fund-raiser held in Columbus, Ohio, on Oct. 30, 2003, Gregory White, the U.S. Attorney for the Northern District of Ohio, announced at an afternoon news conference. The two other counts were for conspiracy and filing false statements.

"Mr. Noe faces the maximum penalty of five years in prison on each count. The conspiracy and false statement counts carry a maximum fine of $250,000 and the campaign finance violation carries a mandatory fine of between $136,200 and $454,000.
The U.S. Attorney’s office said the Bush campaign had no part in Noe’s alleged misdeeds."

In the Coingate scandal, Noe came under investigation after millions of dollars from an investment by the state's Bureau of Workers Compensation was reported missing. The investment was part of a portfolio of investments controlled by BWC as a hedge fund to protect its investment in stocks.

Coin dealers and two national groups that track state investments said they know of no other state that has invested in rare coins, autographs, or other collectibles.

State officials have said they plan to sue Noe and seek criminal charges for alleged theft and fraud.