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Ohio will get up to $55M after investment scandal

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COLUMBUS, Ohio (AP) — The sale of coins and collectibles bought by a former Republican fundraiser who stole from a state investment fund will bring the state up to $54.9 million, according to the Ohio Bureau of Workers’ Compensation.

Liquidators are close to finishing off the sale that included a baseball bat once used by Hall of Fame slugger Reggie Jackson and autographs from New York Yankees great Mickey Mantle.

The state is seeking to recoup money from the $50 million investment fund Tom Noe managed for the state.

Noe, a coin dealer from Toledo, was convicted of theft and other crimes and sentenced in 2006 to 18 years in prison.

Prosecutors say he stole $13.7 million from the fund. The scandal helped Democrats win four of five statewide offices in 2006, including the governor’s office, which Republicans had held for 16 years.

Officials overseeing the liquidation said that even though the state will get more money back than its initial investment, it will lose out on money it should have earned in interest from the investment.

“There’s $13 million to $18 million worth of interest missing here,” said Bill Brandt, who was hired by the state to oversee the liquidation. “This was used as a personal piggy bank.”

Brandt said the state is fortunate to get back the $50 million it invested with Noe because that normally doesn’t happen.

Noe has appealed his conviction and sentence.

 



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