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Coingate scandal
Coingate is a nickname〔(Blade's 'Coingate' probe wins investigation award ), Toledo Blade, September 16, 2006.〕 for the Tom Noe investment scandal in Ohio revealed in early 2005 in part by Toledo, Ohio newspaper ''The Blade''. The Ohio Bureau of Workers' Compensation (BWC) invested hundreds of millions of dollars in high risk or unconventional investment vehicles run by people closely connected to the Ohio Republican Party who had made large campaign contributions to many senior Republican party officials.
A rare coin investment fund has attracted particular scrutiny after it was reported that two coins worth more than $300,000 had been lost. Further investigation then revealed that coins worth $10–$12 million were missing and that only $13 million of the original $50 million invested could be accounted for. Tom Noe was convicted of running a criminal enterprise, the theft of $13 million from the fund, and of keeping a second set of books to cover for it.
==Background==
In 1996, the Republican-controlled Ohio General Assembly passed a law that struck the requirement that the Ohio state government invest solely in bonds. Fund managers and other brokers then scrambled to offer their services.
The Coingate scandal centers on Tom Noe, an Ohio government figure, GOP fundraiser and coin dealer. In a separate fundraising scandal, Noe was indicted by a federal grand jury in late October 2005, charged with violating campaign contribution laws by using strawmen, or proxies, for contributions. On May 31, 2006, Noe pleaded guilty.〔(Coin dealer admits illegal donations ), Associated Press, May 31, 2006.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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