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Coin Collecting NewsState will recover Noe funds and more, broker says
COLUMBUS (AP) — The sale of rare coins and other memorabilia should bring more than the $50 million the state gave a coin dealer convicted of stealing from the funds he managed for the workers compensation bureau, the broker handling the collection’s liquidation said today.
Tom Noe, a Republican fundraiser who was given the funds in 1998 and 2001 to invest in the coins and other items, was convicted of theft and other crimes and sentenced in November to 18 years in prison.
So far, the state has recovered about $42 million through sales of the investments, said Bill Brandt, president and CEO of Chicago-based Development Specialists Inc.
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