A Statement from NGC CEO Regarding the Ohio Bureau of Workers' Compensation
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The following is a statement from NGC CEO, Steven Eichenbaum, regarding the Ohio Bureau of Workers' Compensation:
Most everyone in the coin industry has been talking about the events surrounding Tom Noe and the Ohio Bureau of Workers' Compensation. Because of some of the press in which NGC is briefly mentioned and the rumors that we have heard in the industry, we thought it appropriate to discuss what little we do know.
First, Mr. Noe did become a minority, non voting shareholder of NGC years ago. Mr. Noe does not and has never had any operational responsibility or control or management function with NGC. He is a passive investor. His shareholdings in NGC are less than five percent.
When the stories regarding Noe and the Ohio Bureau of Workers' Compensation broke we did not know what to think. Most of us have known Mr. Noe as a reputable coin dealer for many years. When Noe’s legal counsel made a public statement that some $12 or $13 Million Dollars were “missing from the fund” we were as shocked as everyone else in the industry.
We had our lawyers contact the State of Ohio officials to determine how we should proceed and we have continued to cooperate with them regarding the minority stock ownership involved. As soon as the State of Ohio along with Mr. Noe’s attorneys advise us how to proceed, we will proceed accordingly. We have operated under the assumption that the funds used to purchase the stock were his own funds. Eventually, a court of law will have to sort all this out between Mr. Noe and the State of Ohio and we will honor the court decision on who owns this minority share in NGC.
Regards,
Steven R. Eichenbaum
CEO
The Certified Collectibles Group
NGC, CGC and NCS
Most everyone in the coin industry has been talking about the events surrounding Tom Noe and the Ohio Bureau of Workers' Compensation. Because of some of the press in which NGC is briefly mentioned and the rumors that we have heard in the industry, we thought it appropriate to discuss what little we do know.
First, Mr. Noe did become a minority, non voting shareholder of NGC years ago. Mr. Noe does not and has never had any operational responsibility or control or management function with NGC. He is a passive investor. His shareholdings in NGC are less than five percent.
When the stories regarding Noe and the Ohio Bureau of Workers' Compensation broke we did not know what to think. Most of us have known Mr. Noe as a reputable coin dealer for many years. When Noe’s legal counsel made a public statement that some $12 or $13 Million Dollars were “missing from the fund” we were as shocked as everyone else in the industry.
We had our lawyers contact the State of Ohio officials to determine how we should proceed and we have continued to cooperate with them regarding the minority stock ownership involved. As soon as the State of Ohio along with Mr. Noe’s attorneys advise us how to proceed, we will proceed accordingly. We have operated under the assumption that the funds used to purchase the stock were his own funds. Eventually, a court of law will have to sort all this out between Mr. Noe and the State of Ohio and we will honor the court decision on who owns this minority share in NGC.
Regards,
Steven R. Eichenbaum
CEO
The Certified Collectibles Group
NGC, CGC and NCS
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