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Spectrum buys Noe coins for $7.5 million

As predicted, Spectrum Numismatics International received all of the items that were in the auction to sell off the coins and currency from a fund set up by former Ohio coin dealer Tom Noe.

Spectrum had agreed to pay a pre-set minimum of $7.5 million for the items if more was not raised by other bids. The auction was held March 21-29 in a secret location in Columbus, Ohio, and dealers had to provide $10,000 deposits to view the coins.

The coins had an estimated worth of $6.5 million and were sold in lots, not individually. There were 100 lots.

Spectrum Numismatics ran the Spectrum Fund, which was a subsidiary component of Noe?s $50 million Capital Coin funds he established using money given him to invest by the Ohio Bureau of Workers? Compensation.

Noe faces up to 172 years in prison if convicted of 53 felonies alleging that he stole more than $1 million and laundered more than $2 million from the coin funds. Charges include forgery, money laundering, theft, tampering with records and engaging in a pattern of corrupt activity under the Racketeer Influenced and Corrupt Organizations Act. He also is charged in federal court with three felony counts for allegedly laundering more than $40,000 to President Bush?s re-election campaign.

Noe has pleaded not guilty and is living in Florida after posting $500,000 bail.
Also, Greg Weinman, senior counsel for the U.S. Mint, told the Toledo Blade newspaper that the Treasury Department is investigating Noe?s time as member and chairman of the Citizens Coin Advisory Committee role for improprieties. 

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