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Tom Noe Sentenced to 18 Years

By Jeralyn, Section Corruption Cases
Posted on Mon Nov 20, 2006 at 10:45:21 AM EST
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Republican fundraiser and coin dealer Tom Noe got a heavy jolt today in an Ohio courtroom. 18 years in state prison. Ouch.

Tom Noe, convicted last week on 29 charges for stealing from Ohio’s $50 million rare-coin fund, was sentenced to 18 years in state prison and ordered to pay fines and restitution by Judge Thomas Osowik this morning in Lucas County Courthouse.

The sentence will begin after Noe completes a 27-month federal sentence imposed in September for illegal laundering more than $45,000 to President Bush’s campaign, Judge Osowik ruled.

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    Tom Noe Sentenced to 18 Years | 10 comments (10 topical)

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    This is outstanding. Not just that... (none / 0) (#1)
    by Bill Arnett on Mon Nov 20, 2006 at 12:37:05 PM EST
    ...Noe was convicted, and therefore confirmed as just another corrupt republican, but that he received such a harsh sentence.

    Persons who violate the public trust and rip off taxpayers, pensioners, etc., deserve the derision and stiffest punishment possible.

    It will be interesting to see if he gives up any/all accomplices now in an effort to get his sentence reduced. If he was funneling money to President bush illegally he must know where at least some of the bodies are buried.

    'Mornin', everybody.

    Just desserts? (none / 0) (#2)
    by HK on Mon Nov 20, 2006 at 03:45:34 PM EST
    Part of me thinks that such heavy sentences should be reserved for violent offenders who present a continuing threat to society.

    But part of me thinks that white collar crime is an affront to society by peole who should definitely know better and therefore 18 years is fitting...

    And yet another part of me thinks he should have been sentenced to double that just for being a Republican :0)

    i wonder................. (none / 0) (#3)
    by cpinva on Mon Nov 20, 2006 at 04:31:15 PM EST
    how much of that 50m will ever be recovered? the taxpayer's of ohio got shafted, while this clown was living the high life. far higher than the majority of the people he stole from.

    i submit, in the case of white collar criminals, harsh sentences are a deterrent: the ceo's, etc. do take note of these, and they do get discussed in the club house.

    What was the crime agian? (none / 0) (#4)
    by Tazman on Mon Nov 20, 2006 at 05:11:35 PM EST
    I know left hates the right and the right hates the left... but seriously, aside from being a republican, what was the crime?

    The prosecution said Noe stole $13M but then it was reported in the Toledo Blade that the broker liquidating the coins said he'll have $56M when he's done selling the coins.  And that mind you is at liquidation prices. So the state gave him $50M to invest and now has $56M back.  Where's the crime?  If a 12% return on the state's money isn't good enough, we should all start suing all the banks for their lousy 5% CD rates.

    well tazman..................... (none / 0) (#5)
    by cpinva on Mon Nov 20, 2006 at 07:00:48 PM EST
    that would be nearly impossible, since mr. noe didn't actually purchase 50m worth of rare coins to begin with. hence, the embezzlement charges. he spent the money on many things, just not investments in coins.

    i'd suggest you either go back and read that story again, or that the toledo blade has its facts well fouled up.

    Dear Mr. Noe, (none / 0) (#6)
    by Che's Lounge on Mon Nov 20, 2006 at 10:03:33 PM EST
    Bye.

    The value of the inventory now is beside the point (none / 0) (#7)
    by Liberal Heart on Tue Nov 21, 2006 at 03:41:35 AM EST
    The evidence of Noe's thefts was clear and documented. That was his crime, along with forgery and other charges.

    If the state is able to come out of this with more dough than they put in, that would be despite Tom Noe, not because of him.

    From the Blade stories, it looks like investigators are far from finished and there'll likely be some politicians on the hot seat with some 'splaining to do -- about how Noe got the coin fund deals to begin with.

    If you care to watch video of the sentencing and other things related to the case, you can find it on wtol.com.

    The crime is complete... (none / 0) (#8)
    by Deconstructionist on Tue Nov 21, 2006 at 06:57:29 AM EST
     when one takes money entrusted to him for one purpose and converts it to personal use.

      For example, were you to take your employer's money and invest it in a personal venture you would have embezzled that money even if your venture proved successful and you were later able to reimburse your employer's account with all the money you took plus more than enough to cover what the employer would have earned in the account where the money was supposed to be.

      The bigger question is what in the world was Ohio doing authorizing this investment scheme? Even if it was run by a perfectly honest person speculating in rare coins is a bizarre method of public financing. What's next, baseball cards?

    Regarding The crime is complete... (none / 0) (#9)
    by Tazman on Tue Nov 21, 2006 at 08:51:02 AM EST
    Well at least that makes more sense.  So if he would have only invested in coins like his contract with the state stated then he wouldn't have been found guilty right?  Because in the end the state will have $56 million.

    Oh, and here's the Blade link to the broker story: http://toledoblade.com/apps/pbcs.dll/article?AID=/20061115/SRRARECOINS/311150006&SearchID=732636 35135950

    Parent

    It's not so much the coins ... (none / 0) (#10)
    by Deconstructionist on Tue Nov 21, 2006 at 11:40:00 AM EST
     He could have done nothing but buy/sell/trade coins and broken the law if he either removed the coins from the state's possession with the intent to deprive the state of ownership or if he sold coins within the state's possession and kept proceeds to which he was not entitled.

      Making a profit is not the issue. Say you entrust me with $10,000 cash and specifically authorize me  as POA  to buy stock on your behalf. Then I only invest $8000 in the stock on your behalf and I do whatever for my personal use with the other  $2000. even if I  made a really shrewd investment with your $8000  and doubled your money in six months, i still stole (embezzled) the other $2000 you entrusted to me.

    Parent

    Tom Noe Sentenced to 18 Years | 10 comments (10 topical)

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