Auditor: State Money Was At Risk Under Noe's Watch

TOLEDO --  Thursday was Day 4 for the Tom Noe trial. An auditor testified the state's money was at risk because Noe had complete control of a $50 million investment.

For most of the day, Keith Elliot was on the witness stand. He's the internal auditor for the Ohio Bureau of Workers Compensation. Elliot was one of the first to raise concerns about the investment.

He said the investment was unlike any other by the state since Tom Noe was the only one who managed the money. Elliot testified when he reviewed the fund's records in 2000, there were no any documented loans Noe made to his personal business and himself.

After looking through the records, Elliot told his boss that the state should end its investment in rare coins. He also told the court that when he suggested a full audit of the coin fund, the investment manager said he didn't want to risk his relationship with Noe.

Noe is accused of stealing at least $2 million from the fund. He has pleaded not guilty to 44 felony charges.

The trial resumes Friday morning.

Posted by KO