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TOLEDO, OHIO-Judge Thomas Osowik told coin dealer and GOP fund raiser Tom Noe that he had "cooked the books" in a premeditated "elaborate scheme before sentencing Noe to serve 18 years in state prison for embezzling more than $2 million from the $50 million investment fund of the Ohio Bureau of Worker's Compensation.
Noe, 52, former chairman of the Lucas County Republican Committee, was convicted last week on 29 felony counts of defrauding the state.
Osowik also ordered Noe to pay a $213,000 fine as well as the cost of the prosecution which has been estimated to nearly $3 million. The judge also ordered that Noe pay restitution to the state for the more than $13.5 million missing from the investment fund.
Noe's state sentence will not be served concurrently with his 27 month federal sentence which was imposed in September for illegally funneling more than $45,000 to President Bush's election campaign but will rather begin after Noe completes the federal term.
Noe had managed the bureau's investments since 1998 and instead of investing the money in rare coins, prosecutors showed that he had written himself checks for hundreds of thousands of dollars after he first received $25 million to invest in 1998 followed by another $25 million in 2001.
He was convicted of engaging in a pattern of corruption. He was also found guilty of numerous theft counts, charges that he laundered state money, forgery counts and tampering with documents. He was acquitted of 11 of the 40 counts he had faced including money laundering and other tampering with records charges.
It took prosecutors three weeks to present their case, calling over 50 witnesses. The defense presented no witnesses. Prosecutors said that Noe used the money he siphoned from the state to purchase three luxury homes, a boat, paid off hundreds of thousands of dollars in debt, investing none of it in coins.
Noe could have received as little as 10 years if he had agreed to a plea bargain offered months ago had he admitted to the crimes and saved the state the cost of the prosecution.
Prosecutors offered Noe a deal of 10 years in prison in addition to a full accounting of his theft to be supported by polygraphs, forfeiture of his and his wife's home in the Florida Keys and restitution.
Noe declined the offer.
Noe made no statement during the sentencing hearing. 11-20-06
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© 2006 North
Country Gazette
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