Coingate: Noe stole investment money right away

[Robbien]

A politically connected coin dealer accused of stealing from a $50 million state investment in rare coins began taking the money for personal uses as soon as he got it in 1998, a prosecutor told a jury Monday.

Tom Noe, 52, used the money to pay off business debts and to support a lifestyle he thought he deserved while trying to fend off customers who claimed that he ripped them off on coin transactions, Lucas County Assistant Prosecutor John Weglian said in his opening statement at Noe's trial.

"He needed money. He needed it desperately," Weglian said.

Noe, once a go-to guy for the Republican Party, has pleaded not guilty to theft, money laundering, forgery and corrupt activity charges. He is accused of stealing more than $2 million and spending it on his business and renovating his home in the Florida Keys. He faces up to 10 years in prison on the corrupt activity charge.

. . .

Defense attorney William Wilkinson said . . ."You can't steal something from the owner of property if they give you permission to use it."

http://www.daytondailynews.com/n/content/oh/story/news/local/2006/10/16/ddn101606noeweb.html

the rest of the article is pretty good. It mentions Noe keeping two sets of books with the prosecuter saying something about if Noe wasn't a crook why would he need two sets of books.
This trial is going to last six weeks.

[rumpel]

1. Well - then

"You can't steal something from the owner of property if they give you permission to use it."

we still call it "fraud"

[salin]

2. This story began the great Ohio unravelling - each time it is back in the

news - demonstrating to my Ohio neighbors the degree to which the GOP sees taxpayer's dollars as 'get rich quick money' for GOP donors and a slush fund for GOP politicians - I just have to kick the story back up to the top.

[Judi Lynn]

3. Tom Noe should be required to return ALL the money he stole from Ohio

taxpayers. It would not be right if he kept one dime from this one man crime wave.

[donkeyotay]

9. Love the 3rd pic. Bet he never met Noe either

So, are those liberal activist prosecutors saying it's wrong to steal money from the taxpayers even if you give some to Bush/Cheney? Is it a crime to steal money from disabled workers if you need it to support the lifestyle you "deserve"?

[Eugene]

4. AP: Ohio Coin Dealer Lays Out Defense

Ohio Coin Dealer Lays Out Defense

By JOHN SEEWER
The Associated Press
Tuesday, October 17, 2006; 6:50 AM

TOLEDO, Ohio -- Attorneys for a politically connected coin dealer accused
of stealing from a $50 million state investment unveiled their defense for the
first time, arguing that their client had a deal that allowed him to use
the money however he wanted.

Tom Noe's contract to oversee the investment for the Ohio Bureau of Workers'
Compensation permitted him to borrow money from the investment fund or loan
it to others, attorney William Wilkinson said Monday.

"You can't steal something from the owner of property if they give you
permission to use it," Wilkinson said in his opening statement at Noe's trial.

It was the first time Noe's attorneys explained their defense since accusations
against the former Republican fundraiser arose more than a year ago.

-snip-

Full article: http://www.washingtonpost.com/wp-dyn/content/article/2006/10/17/AR2006101700262.html

[Demeter]

5. Wow! That's Some Defense!

Bet it holds as much water as a sieve.

[Yogi]

6. I hope his cell has no view.

:evilgrin:

[displacedtexan]

7. Even if you use the $$ to violate election laws?

The three-count indictment states 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."

[OzarkDem]

8. He has a point

The GOP elected officials who let him steal from the Ohio BWC should also go on trial and be sent to jail.

Noe needs company.