Tom Noe receives 18 year prison sentence
Michigan
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TOLEDO, Ohio - A former GOP fundraiser at the center of a scandal-plagued state investment in rare coins that helped Democrats seize power in the midterm elections was sentenced Monday to 18 years in prison.
Tom Noe, a prominent coin dealer accused of taking at least $2 million, was convicted last week of theft, corrupt activity, money laundering, forgery and tampering with records.
"Based on a review of the record, a short prison term would demean your conduct," Lucas County Common Pleas Judge Thomas Osowik told Noe.
Noe declined to make a statement during the hearing.
Defense attorney John Mitchell urged Osowik before sentencing to consider that Noe is unlikely to repeat his crimes.
"I think it's important to consider that this was a one-time crime and set of circumstances that I think will never echo at any point in the history of this state again," Mitchell said.
Separately, Noe already has been sentenced to two years and three months in federal prison after pleading guilty earlier this year to funneling $45,000 to President Bush's re-election campaign.
The scandal surrounding the investment that Noe managed had dogged the state GOP for more than a year, culminating this month with Democrats winning a U.S. Senate seat and four of five statewide offices after 12 years of Republican rule.
The Ohio Bureau of Workers' Compensation gave Noe $25 million in 1998, followed by another $25 million in 2001 to invest in rare coins. Democrats charged that Noe got the money because of his ties with the GOP.
Investigations into the coin investment led to ethics charges against Republican Gov. Bob Taft, who pleaded no contest to failing to report golf outings and other gifts. Four former Taft aides pleaded no contest to similar charges.
Tom Noe, a prominent coin dealer accused of taking at least $2 million, was convicted last week of theft, corrupt activity, money laundering, forgery and tampering with records.
"Based on a review of the record, a short prison term would demean your conduct," Lucas County Common Pleas Judge Thomas Osowik told Noe.
Noe declined to make a statement during the hearing.
Defense attorney John Mitchell urged Osowik before sentencing to consider that Noe is unlikely to repeat his crimes.
"I think it's important to consider that this was a one-time crime and set of circumstances that I think will never echo at any point in the history of this state again," Mitchell said.
Separately, Noe already has been sentenced to two years and three months in federal prison after pleading guilty earlier this year to funneling $45,000 to President Bush's re-election campaign.
The scandal surrounding the investment that Noe managed had dogged the state GOP for more than a year, culminating this month with Democrats winning a U.S. Senate seat and four of five statewide offices after 12 years of Republican rule.
The Ohio Bureau of Workers' Compensation gave Noe $25 million in 1998, followed by another $25 million in 2001 to invest in rare coins. Democrats charged that Noe got the money because of his ties with the GOP.
Investigations into the coin investment led to ethics charges against Republican Gov. Bob Taft, who pleaded no contest to failing to report golf outings and other gifts. Four former Taft aides pleaded no contest to similar charges.
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That's basically a life sentence for Noe. What he did was very wrong, but I do feel badly for his family. At least they can still communicate, but it is a destroyed family. It is interesting to hear what his defense attorney said: "this was a one-time crime". Sounds like there was no real defense strategy due to the overwhelming evidence.
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<< <i>That's basically a life sentence for Noe. What he did was very wrong, but I do feel badly for his family. At least they can still communicate, but it is a destroyed family. It is interesting to hear what his defense attorney said: "this was a one-time crime". Sounds like there was no real defense strategy due to the overwhelming evidence. >>
The defense stategy was a pathetic joke, they came up with the most stupid and illogical reasons why he was not guilty because they
had nothing that made any sense.
If he serves the entire sentence he will be 70 when he gets out. Noe will have plenty of time to put together a collection of
prison tokens if he wants to .
Not really. Being a non-violent non-drug state offense he'll be out on 4 or 5 years and spend the rest of his sentence on parole.
Stealing in general is wrong, but somehow stealing from worker's comp is even worse.
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<< <i><<<That's basically a life sentence for Noe>>>
Not really. Being a non-violent non-drug state offense he'll be out on 4 or 5 years and spend the rest of his sentence on parole. >>
Do you really think so? He also has the 2 year Federal sentence to serve after (or before) the 18 year term. This guy is accustomed to a lobster and champaign lifestyle. Imagine a guy going from million dollar home(s) to a dark, damp jail cell. I don't think he will last even 5 years in prison. Maybe I am wrong. I don't know the guy.
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As a citizen of Ohio I feel the system worked and he got what he deserved.
As for a "...life sentence...", he should have thought of that before he commited his crime.
Not really. Being a non-violent non-drug state offense he'll be out on 4 or 5 years and spend the rest of his sentence on parole. >>
Do you really think so? He also has the 2 year Federal sentence to serve after (or before) the 18 year term. This guy is accustomed to a lobster and champaign lifestyle. Imagine a guy going from million dollar home(s) to a dark, damp jail cell. I don't think he will last even 5 years in prison. Maybe I am wrong. I don't know the guy. >>>
He'll do most of the fed time then make work release & parole soon after he hits state. He'll be in minimum security, it’s not like he'll be locked in a cell with Charles Manson or with somebody REALLY bad.
<< <i>any chance president Bush will pardon him ? >>
I would say unlikely unless he really wants to forever endure the wrath of the Republican party in Ohio who lost the US senate, governorship,
attorney general and who knows how many other offices in Ohio due to voter backlash over what Noe has done.
<< <i>I am just annoyed that we now have sales tax on coins in Ohio because of this..... >>
I wonder how many millions that will have the effect of stealing from people of Ohio.
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I don't know if Noe is just really stupid, or incredibly greedy............or both.
He could have just been straight. He had all the tools to make millions instead of stealing them.
Exactly. I guess that makes him both stupid and greedy.
further, i figure Mr. Noe was a victim of absolutely the worst possible timing that could have taken place, also a Politically motivated outcome-----the trial was held and all but finished prior to the elections while the sentencing took place after the elections. all of his "friends" were so concerned about their re-elections that they had no choice than to distance themselves from the fiasco. then after they all lost no help could be offered and sentencing was quite harsh. it's entirely possible that outgoing Governor Taft could ease things or pardon Mr. Noe, i would expect his attorneys to go that route, but it's a long shot.
<< <i>Defense attorney John Mitchell urged Osowik before sentencing to consider that Noe is unlikely to repeat his crimes. >>
Well that is true, I seriously doubt if anyone else is going to give him $50 million to invest.
Noe will never get parole his federal prison sentence will be in florida most likely and then he will be remained back to the State of Ohio for his 18 year sentence. Noe even turned down a 10 year prison sentence for admission of guilt and complete cooperation. It makes you wonder whom he is protecting as he is the fall guy.
avoid a trial but he turned it down.
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<< <i> Noe was offered a plea bargain deal last summer of 10 years in prison for admission of his guilt and
Last summer was a long, long time ago. >>
By last summer I meant Summer 2006, I wasen't clear on that.
we should feel so sorry for him since he'll probably be living better than many of us.
Keets, I believe you stated what is probably the truth.
<< <i>He could have just been straight. He had all the tools to make millions instead of stealing them.
Exactly. I guess that makes him both stupid and greedy. >>
I guess he was so stupid he didn't think anyone would ever figure out what had been done. Doesn't he know that when you're investing funds for government agencies that there are things called AUDITS? They gave him $50 million to invest, they darn sure want to now where every penny of it is at all times. And now, he's poisoned the coin investing climate so much that no one will ever get to create an investment fund like this again. Good riddance to Tom Noe!
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<< <i>The Ohio sentence is not in camp fed. It is in a State lock up. Ouch!
The other charge is federal. >>
Camp fed maybe, but isn't there much stricter parole requirements for federal? I thought I read somewhere, that federal inmates do a much larger percentage of their sentence than state inmates.
JJ
He won't come close to the 18 years. I'd be more worried about the other inmates than the prison term length. It is too bad this destroyed his family but it was his fault it happened.
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<< <i>I am just annoyed that we now have sales tax on coins in Ohio because of this..... >>
Yes, Noe's crimes were a poor excuse to punish Ohio coin collectors, but that's what the Democrats did. The only comment one can make about the Democrats is "typical."
<< <i>I don't know if Noe is just really stupid, or incredibly greedy............or both. >>
You can add arrogant to that list.
did and only know he started as a millionaire and had more millions after the fact. It seems
the more one steals, the more time he should spend in jail. It usually works the other way
and we live in a society which slaps murderers on the wrist. This looks largely politically mo-
tivated but Noe is a very political guy and caused enormous political damage. It damaged
institutions which were not even at fault and hurt the entire political process.
I'd hate to see what his sentence was if he had lost money with the fund! Under the circum-
stances there will be few losing any sleep over this sentence.
Yes, Noe's crimes were a poor excuse to punish Ohio coin collectors, but that's what the Democrats did. The only comment one can make about the Democrats is "typical."
Bill, that's not a very rational comment, blaming the Democrats in Ohio for the tax change. both the Ohio Senate and Ohio House of Representatives were/are currently both overwhelmingly controlled by Republicans, as are all of the Offices of State Government from Governor on down. of course that will be changing somewhat at the end of this term as reflected in this recent election, but it is an unavoidable fact that in order for that tax change to have taken place it needed to be carried by the Republicans.
i just think it's irresponsible for you to come in and make a claim like that which is blatantly false. further, the whole root cause which brought the tax change issue into committee and up for a vote was propted by the actions of the Republican party. please, please, get the facts straight......................
<< <i>don't forget that in the past year or two there was another investment scheme which wasn't typical which i believe ended in a loss for the state of Ohio of approximately $250 million. it had to do with some firm in Pa. if i remember correctly. >>
keets, are you referring to the derivitives scheme that the W/C fund invested in? Good point. The investment lost $250,000,000, but nobody was punished.
<< <i><< I am just annoyed that we now have sales tax on coins in Ohio because of this..... >>
Yes, Noe's crimes were a poor excuse to punish Ohio coin collectors, but that's what the Democrats did. The only comment one can make about the Democrats is "typical."
Bill, that's not a very rational comment, blaming the Democrats in Ohio for the tax change. both the Ohio Senate and Ohio House of Representatives were/are currently both overwhelmingly controlled by Republicans, as are all of the Offices of State Government from Governor on down. of course that will be changing somewhat at the end of this term as reflected in this recent election, but it is an unavoidable fact that in order for that tax change to have taken place it needed to be carried by the Republicans.
i just think it's irresponsible for you to come in and make a claim like that which is blatantly false. further, the whole root cause which brought the tax change issue into committee and up for a vote was propted by the actions of the Republican party. please, please, get the facts straight...................... >>
Democrats ALWAYS vote to raise taxes. If the Democrats didn't lead the charge to put sales taxes on coins in Ohio, I'll gurantee you that they did not try to stand in the way. The only tax cuts that Democrats support are the kind that force people to jump through hoops and do things that Democrats view as "socially responsible." Democrats almost never support accross the board tax cuts, even when it would benefit the economy.
Here in Florida the bill to remove the sale tax on coins was vetoed by a Democrat governor. It took a chnage of party to finally get it though four years ago.
<< <i>The Ohio sentence is not in camp fed. It is in a State lock up. Ouch!
The other charge is federal. >>
No country club prison for Noe, he will be going from living a very lavish lifestyle to being in a spartan
jail cell.
well, you obviously have a chip on your shoulder so there's no use in trying to discuss anything. suffice as to say a simple explanation is this------Democrats tax and spend, Republicans cut and spend. in the end, they both spend and it's someone else's money.
If the Democrats didn't lead the charge to put sales taxes on coins in Ohio, I'll gurantee you that they did not try to stand in the way. The only tax cuts that Democrats support are the kind that force people to jump through hoops and do things that Democrats view as "socially responsible." Democrats almost never support accross the board tax cuts, even when it would benefit the economy.
Bill, check the roll for the Ohio State Senate and the Ohio House of Representatives before you make a jackass out of yourself any more. without solid support from the Republicans and unanimous support from the Democrats, any proposal will fail. i believe the Republicans hold a 2-1 edge in the Senate. what passed the "tax on coins Bill" was a Republican stampede.
Here in Florida the bill to remove the sale tax on coins was vetoed by a Democrat governor. It took a chnage of party to finally get it though four years ago.
this is like comparing apples to oranges.
as i said when the law changed here in Ohio, which has been the state of residence for me all of my 51 years, i see no reason why coins shouldn't be taxed as other items are taxed, the exemption made no sense to me. i also don't think it really affected me much. it's a personal issue and everyone has there own feelings on it, but i didn't even notice a bump in my road.
<< <i>as i said when the law changed here in Ohio, which has been the state of residence for me all of my 51 years, i see no reason why coins shouldn't be taxed as other items are taxed, the exemption made no sense to me. i also don't think it really affected me much. it's a personal issue and everyone has there own feelings on it, but i didn't even notice a bump in my road. >>
If you ever become a bourse dealer at coin shows, you would find out very quickly why the sales tax is so destructive. The main problem is that most collectors refuse to pay it, and there more than enough scoff law dealers out there who will neither collect it nor pay it to the government. I’ve had collectors throw up a deal that they agreed to make when they found out sales tax was in the price.
By in large a dealer can’t expect any more than a 10 to 20 mark-up on U.S. coins, and usually the mark-up is closer to 10 than 20 percent. If you have to pay from 5 to 8 percent of that mark-up to the state or local government, you can’t stay in business. It’s just that simple.
The sales tax might not be a bump in the road for you, Keets, but for me it’s a deal killer. If EVERYONE were treated equally under the law, it would not be a major problem. BUT if a dealer is honest and tries to obey the law, he has a hard time surviving.
Equal treatment under the law is all I ask. But when it comes to state taxes such fair treatment is non-existent.
That’s why I support doing away with sales taxes on coins, or at the very minimum having the law in place where it goes away if the invoice is for $1,000 or more.
evidentally that's not the case.
Looking for alot of crap.
But have it your way. I don't set up at shows in states that have sales taxes because it's very hard to obey the law and make any money. The states, cities and towns that have put the hammer down on their sales tax laws either have very weak coin shows or no shows at all.
The difference in your example is that the guy who buys golf balls expects to pay sales tax. Many coin collectors expect us to evade the law for them and not collect the sales tax.
Regarding the coin tax, Id say have the shows outside the state line. They deserve to lose the tax money that the fees and hotel bills generated.
The golf balls get used. The coins are not. There is a difference.
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<< <i>So what's going on with some of his cronies such as Storeim? >>
Barry,
You can call me most anything, but don't ever, ever call me that again.
I'll be able to tell the whole story one of these days - maybe I will take Laura's advice and write a book about my experience.