Ohio Attorney General: Judge Should Seize Noe's Assets

Ohio Attorney General Jim Petro is urging a judge to seize the liquidated assets of a man accused of swindling millions of dollars from the Ohio Bureau of Workers' Compensation (BWC).

In papers filed Nov. 4 in Franklin County Common Pleas Court, Petro reiterated his argument that the court should take custody of Maumee coin dealer Tom Noe's liquidated assets to prevent Noe from avoiding paying back millions of dollars missing from Ohio BWC.

In a lawsuit filed May 24, Petro is accusing Noe of defrauding Ohio BWC and its two rare-coin investment funds Noe managed for the agency. This spring, Noe's lawyer admitted that as much as $13 million was missing from the two rare-coin funds, and Petro asserts that Noe converted at least $4 million in Ohio BWC funds to his and his wife's personal use.

"Tom Noe continues his game of dodge and delay, and we've asked the court to put a stop to it," Petro said. "We have uncovered credible evidence that Noe took large sums of money intended for Ohio's injured workers, and we have filed suit to recover that money. There is also mounting evidence Noe is maneuvering to stall these proceedings and escape personally paying back the state if ordered by the court."

Petro's latest court briefs also objected to a motion to keep all the attorney general's evidence against Noe confidential.

Part of the Nov. 4 filing responds to a recent Noe motion objecting to Petro's attempts to convince the court to lock down Noe's personal and business assets to pay restitution from a judgment in the state's favor.

Petro recently filed with the court a number of documents including Noe's business and financial records of Ohio BWC investment funds he managed as evidence that Noe committed forgery to steal Ohio BWC money, showed false profits for one of the investment funds and used Ohio BWC money to buy a Catawba Island home for himself and his wife, Bernadette.

Noe, a prominent Republican fundraiser, also is facing a three-count indictment from a federal grand jury in Toledo for allegedly making illegal campaign contributions to President Bush's 2004 re-election campaign.

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