Witness list for Noe trial to include coin dealers
Michigan
Posts: 4,942 ✭
No specific names yet.
Prosecutors yesterday disclosed the potential witnesses they could call to testify in the trial of former Toledo-area coin dealer Tom Noe, and the list is a virtual "who's who" of past officials of the Ohio Bureau of Workers' Compensation.
The list of more than 65 potential witnesses is headlined by James Conrad, the bureau's former administrator-CEO and a former top aide to Gov. Bob Taft and former Gov. George Voinovich. Mr. Conrad resigned his post with the bureau in May, 2005, after Noe's attorneys acknowledged that there might be a shortfall of up to $13 million in the $50 million rare-coin venture that Noe managed for the bureau. Noe is to stand trial beginning Tuesday on charges he embezzled more than $2.2 million from the coin funds.
Prosecutors also might call other bureau officials, including John Annarino, the bureau's former legal counsel, Tina Arkenberg, the bureau's counsel, and Keith Elliott, the agency's top internal auditor, who raised concerns about the unusual investment in rare coins.
Absent from the list is Terrence Gasper, the bureau's former chief financial officer, who is cooperating with prosecutors as he awaits sentencing after pleading guilty to accepting bribes from Noe and other bureau money managers.
Ohio Democratic Party Chairman Chris Redfern is looking forward to bureau officials - especially Mr. Conrad - potentially taking the stand. Mr. Redfern expects the testimony will reveal links between Noe's political contributions to GOP officeholders and his rare-coin funds.
"This could be a bombshell because Conrad is very close with Voinovich and Bob Taft and the house of cards could come falling in," Mr. Redfern said.
John McClelland, a spokesman for the Ohio Republican Party, said yesterday that his party hopes that those involved with the bureau who have committed wrongdoing will be "fully prosecuted and receive their just punishment."
"Unfortunately, people involved in dealing with the BWC were not as concerned with protecting the investments of the bureau and more concerned about padding their own wallets," Mr. McClelland said.
Prosecutors and Noe's attorneys declined to comment.
Before yesterday's disclosure, prosecutors narrowed their initial list of more than 300 potential witnesses to a subset of more than 65, including rare-coin dealers, accountants, investigators, a handwriting expert, former Noe employees, and personnel from National City Bank, where Noe held accounts.
Some of the other notable people prosecutors say they could call as witnesses included Timothy LaPointe, Noe's former business partner, who is facing related charges; Joseph Restivo, Noe's brother-in-law; and David Enders Tripp, a coin expert who served with Noe on the Citizens Coinage Advisory Committee, a panel that advises the secretary of the Treasury on coin issues.
Scott Travers, a coin expert and author of The Coin Collector's Survival Manual, said he didn't expect the witnesses called by prosecution on the Noe trial to impact the rare-coin industry.
"There are no shockers there, nothing that would shake the underpinnings of this industry," Mr. Travers said.
Last month, attorneys for Noe identified 33 potential witnesses they could call to testify on behalf of the coin dealer, and they left open the possibility that Noe could take the stand. The list of Noe's potential witneses included State Auditor Betty Montgomery and two of the bureau's former chief investment officers, Robert Cowman and James McLean.
Both the prosecutors and Noe's attorneys have reserved the right to call witnesses from the lists filed by the opposing sides. They also could add witnesses if they convince the judge that additional testimony is necessary.
The prosecution and defense will bear the costs of transporting, lodging, and feeding their out-of-town witnesses.
Prosecutors yesterday disclosed the potential witnesses they could call to testify in the trial of former Toledo-area coin dealer Tom Noe, and the list is a virtual "who's who" of past officials of the Ohio Bureau of Workers' Compensation.
The list of more than 65 potential witnesses is headlined by James Conrad, the bureau's former administrator-CEO and a former top aide to Gov. Bob Taft and former Gov. George Voinovich. Mr. Conrad resigned his post with the bureau in May, 2005, after Noe's attorneys acknowledged that there might be a shortfall of up to $13 million in the $50 million rare-coin venture that Noe managed for the bureau. Noe is to stand trial beginning Tuesday on charges he embezzled more than $2.2 million from the coin funds.
Prosecutors also might call other bureau officials, including John Annarino, the bureau's former legal counsel, Tina Arkenberg, the bureau's counsel, and Keith Elliott, the agency's top internal auditor, who raised concerns about the unusual investment in rare coins.
Absent from the list is Terrence Gasper, the bureau's former chief financial officer, who is cooperating with prosecutors as he awaits sentencing after pleading guilty to accepting bribes from Noe and other bureau money managers.
Ohio Democratic Party Chairman Chris Redfern is looking forward to bureau officials - especially Mr. Conrad - potentially taking the stand. Mr. Redfern expects the testimony will reveal links between Noe's political contributions to GOP officeholders and his rare-coin funds.
"This could be a bombshell because Conrad is very close with Voinovich and Bob Taft and the house of cards could come falling in," Mr. Redfern said.
John McClelland, a spokesman for the Ohio Republican Party, said yesterday that his party hopes that those involved with the bureau who have committed wrongdoing will be "fully prosecuted and receive their just punishment."
"Unfortunately, people involved in dealing with the BWC were not as concerned with protecting the investments of the bureau and more concerned about padding their own wallets," Mr. McClelland said.
Prosecutors and Noe's attorneys declined to comment.
Before yesterday's disclosure, prosecutors narrowed their initial list of more than 300 potential witnesses to a subset of more than 65, including rare-coin dealers, accountants, investigators, a handwriting expert, former Noe employees, and personnel from National City Bank, where Noe held accounts.
Some of the other notable people prosecutors say they could call as witnesses included Timothy LaPointe, Noe's former business partner, who is facing related charges; Joseph Restivo, Noe's brother-in-law; and David Enders Tripp, a coin expert who served with Noe on the Citizens Coinage Advisory Committee, a panel that advises the secretary of the Treasury on coin issues.
Scott Travers, a coin expert and author of The Coin Collector's Survival Manual, said he didn't expect the witnesses called by prosecution on the Noe trial to impact the rare-coin industry.
"There are no shockers there, nothing that would shake the underpinnings of this industry," Mr. Travers said.
Last month, attorneys for Noe identified 33 potential witnesses they could call to testify on behalf of the coin dealer, and they left open the possibility that Noe could take the stand. The list of Noe's potential witneses included State Auditor Betty Montgomery and two of the bureau's former chief investment officers, Robert Cowman and James McLean.
Both the prosecutors and Noe's attorneys have reserved the right to call witnesses from the lists filed by the opposing sides. They also could add witnesses if they convince the judge that additional testimony is necessary.
The prosecution and defense will bear the costs of transporting, lodging, and feeding their out-of-town witnesses.
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TD
<< <i>I'm confused. I thought he had already pled guilty.
TD >>
That was for the improper campaign contributions, I do believe....
Coingate is a nickname for the Thomas Noe investment scandal in Ohio revealed in early 2005 in part by Ohio newspaper Toledo Blade. The Ohio government's Bureau of Workers' Compensation fund (BWC) invested hundreds of millions of dollars in high risk or unconventional investment vehicles run by people closely connected to the Ohio Republican Party who had made large campaign contributions to many senior Republican party officials.
A rare coin investment fund has attracted particular scrutiny after it was reported that two coins worth more than $300,000 had been lost. Further investigation then revealed that coins worth $10-$12 million were missing and that only $13 million of the original $50 million invested could be accounted for.
"Keep your malarkey filter in good operating order" -Walter Breen
<< <i>I'm confused. I thought he had already pled guilty.
TD >>
That was on the federal charges of illegal campaign contributions, this is the state case involving the coin investment fiasco.
Russ, NCNE
<< <i>Bring those who don't know about this up to speed...of course, in America, everyone is innocent until proven guilty.
Coingate is a nickname for the Thomas Noe investment scandal in Ohio revealed in early 2005 in part by Ohio newspaper Toledo Blade. The Ohio government's Bureau of Workers' Compensation fund (BWC) invested hundreds of millions of dollars in high risk or unconventional investment vehicles run by people closely connected to the Ohio Republican Party who had made large campaign contributions to many senior Republican party officials.
A rare coin investment fund has attracted particular scrutiny after it was reported that two coins worth more than $300,000 had been lost. Further investigation then revealed that coins worth $10-$12 million were missing and that only $13 million of the original $50 million invested could be accounted for.
Bottom line, then, he's a thief in a suit, eh? He wasn't operating in a vacuum. There seems to be a lot of allusions to "high Republicans" -- how high? It sort of sounds like they've made him the designated fall guy (I don't feel sorry for him, it just seems to be how these white-collar things go. They hang one or two and the rest sort of disappear somewhere.)
When does the lying, er trial, begin?
TD
<< <i>OK thanks.
When does the lying, er trial, begin?
TD[/q
Oct. 10 with the opening statements. The trial is expected to last 6 weeks.
<< <i><< I'm confused. I thought he had already pled guilty.
TD >>
That was for the improper campaign contributions, I do believe....
>>
Yep.
A federal judge sentenced Tom Noe on Tuesday to two years and three months in prison for illegally funneling $45,000 to President Bush's re-election campaign...
Noe, 52, apologized in court Tuesday for orchestrating a scheme to give friends money to donate to Bush to fulfill his promise to generate $50,000 for a presidential fundraiser.
Noe said he did so because he was pressured by Bush-Cheney officials to raise at least $100,000 for the campaign.
...Noe admitted that he gave $45,000 directly or indirectly to 24 friends and associates, who made the contributions in their own names to the Bush campaign. He said he had reached his contribution limit and that's why he sought others to act as donors.
"I knew it was wrong to do so," Noe said in court. "I alone accept responsibility."
Not truely funny, of course
Channel 13
<< <i>Link? Attribution?
Russ, NCNE >>
Not sure which part of the above posts you're asking about Russ.
Timothy Lapointe testified that bogus invoices (presumably for coin purchases) were shown to state auditors.
Blade article
"An audit by a Chicago-based firm has provided some of the most important evidence for prosecutors handling the case. It concluded that Noe owes the state more than $12 million and details hundreds of questionable transactions. Ms. Montgomery's office paid more than $500,000 on the audit."Toledo Blade
Mention of some planned witnesses, including commentary Toledo Blade as well
Don
<< <i>Link? Attribution?
Russ, NCNE >>
AH HA! NOW I understand why you're so interested, Russ...
"The name of the partner was redacted from the document. In describing his 1990 finances, Noe states, "...that was the same year that I borrowed money from the company and then sold the stock to... Russ at the end of the year to pay back the company and that was approaching $200,000 at that time."
It is not clear if Russ was the 40-percent owner in Thomas Noe, Inc."
Coingate link
<< <i><< Link? Attribution?
Russ, NCNE >>
Not sure which part of the above posts you're asking about Russ >>
I was asking about Michigan's initial post, since he just likes to copy/paste without crediting the real author of the material.
Russ, NCNE
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Dr. John S. Russ, Jr., (N.R.S. Partnership)
Russ partnership...........................................
Dr. Russ' Northeast Obstetrician and Gynecologist
Has anyone figured out if the proceeds from the liquidation of the assets of the funds (and the projected proceeds from fund assets yeat to be liquidated) are enough to result in no loss to the OWCB [or maybe even give it a profit]?
I have always thought it would be quite interesting if, despite the improprieties present with the operation of the two funds by Noe and others, the outcome of the investment of OWCB money in the two funds is a profit to the State Of Ohio, especially if the profit is above what one could expect to receive in a traditional investment.
Cynic that I am, I would not be surprised if the Ohio officials and politicians who are investigating the OWCB coin funds would prefer to have the two funds show a loss so that they could use same to their political advantage.
Has anyone determined how much the successful bidder (Spectrum was it?) at the unusual auction of fund assets has resold the purchased coins for (i.e. buy the complete lot for $7,000,000.00 and resell same in 3 months for $30,000,000.00)?
<< <i>
...Noe admitted that he gave $45,000 directly or indirectly to 24 friends and associates, who made the contributions in their own names to the Bush campaign.... Noe said in court. "I alone accept responsibility." >>
24, eh? None of them charged? For the crime to be complete, the money had to be donated to the campaign, which means those 24 are criminals, and Noe was a mere accomplice. I'm going to go read the links you posted and see if they're naming any names. Thanks for the posts.
<< <i>
<< <i>
...Noe admitted that he gave $45,000 directly or indirectly to 24 friends and associates, who made the contributions in their own names to the Bush campaign.... Noe said in court. "I alone accept responsibility." >>
24, eh? None of them charged? For the crime to be complete, the money had to be donated to the campaign, which means those 24 are criminals, and Noe was a mere accomplice. I'm going to go read the links you posted and see if they're naming any names. Thanks for the posts. >>
A number of them received fines of around $5500 each. I think they got off pretty easy because they cooperated with the investigation
They could have gotten much worse. They were the accomplice, not Noe. Noe was the one who came up with the plan and provided
the money.
No way. The deal was looked at closely by every major dealer to see if they could make enough money to make it worth while to purchase. Legend was even approached by a major wholesaler about possibly splitting the deal. After looking closely at what was there, it was determined there wasn't enough prospective profit to make it worth buying as a lump sum deal.
<< <i>I have not followed the details of this case. However, I am curious. I understand that many of the assets (including coins) in the Ohio Worker's Compensation Board coin investment funds (there were 2 funds I seem to recall) were recovered and either have been liquidated (the unusual "auction" that took place earlier this year) or are in the process of being liquidated.
Has anyone figured out if the proceeds from the liquidation of the assets of the funds (and the projected proceeds from fund assets yeat to be liquidated) are enough to result in no loss to the OWCB [or maybe even give it a profit]?
I have always thought it would be quite interesting if, despite the improprieties present with the operation of the two funds by Noe and others, the outcome of the investment of OWCB money in the two funds is a profit to the State Of Ohio, especially if the profit is above what one could expect to receive in a traditional investment.
Cynic that I am, I would not be surprised if the Ohio officials and politicians who are investigating the OWCB coin funds would prefer to have the two funds show a loss so that they could use same to their political advantage.
Has anyone determined how much the successful bidder (Spectrum was it?) at the unusual auction of fund assets has resold the purchased coins for (i.e. buy the complete lot for $7,000,000.00 and resell same in 3 months for $30,000,000.00)? >>
I too am curious to see how the coin did. Of course, if the coins lost $10,000,000 and Noe embezzled $2,000,000, that would be no different than if the coins made $10,000,000 and Noe embezzled $2,000,000. Either way, he embezzled $2,000,000 from the people of Ohio, if indeed that is what happened.
TD
An authorized PCGS dealer, and a contributor to the Red Book.
oh my
my my my my my my my my my my my my my...................................................
many impotent potentate names have been withheld...........................
many will go scott free
They also say that about $12.5 million in stock investments and loans have been liquidated. Again, no statement of profit or loss on this amount.
TD
"There are no shockers there, nothing that would shake the underpinnings of this industry," Mr. Travers said.
So is this about coins or gossip ?
What time is OPRAH on ?
This place should be called : CRIME, CRIMINALS, and CONTROVERSY around COINS FORUM@PCGS.COM
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