Tom Noe's Rare Coin Scandal

In 1998 and 2001, Ohio’s Bureau of Workers’ Compensation gave Republican fundraiser and rare coin dealer Tom Noe a total of $50 million in state funds to invest in rare coins. The investment became the Coingate corruption scandal after investigators found missing money, falsified records, and state funds diverted for Noe’s personal use. In 2006, a jury convicted Noe of 29 felony counts, including theft, money laundering, forgery, and engaging in a pattern of corrupt activity. He received an 18-year prison sentence and was ordered to pay restitution for millions missing from the rare-coin fund.

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