TOLEDO -- People who deal in rare coins took the witness stand Tuesday to talk about their business dealings with Tom Noe, on trial for allegedly embezzling $2 million from the Ohio Bureau of Workers Compensation.
Among those who testified was Gregory Roberts of Spectrum Numismatics in California. Roberts talked about how his business dealings with Noe boosted the latter's coin inventory.
Roberts said that several years ago, Noe loaned $4 million to Spectrum. In return, Spectrum gave Noe coins as collateral, which became part of the Capital Coin Fund, a fund Noe managed for the OBWC.
Eventually, Spectrum paid Noe back the $4 million loan and got back its coins, some of which had supposedly been stored in Noe's Maumee coin shop.
"The loan was secured as inventory of Spectrum, as well as other assets of Spectrum. So, the Capital Coin Fund was basically our bank. They gave us money. When your bank asks you to do something, we sent the coins when they asked for them," Roberts testified.
Noe faces decades in prison if convicted on all 45 counts. The trial resumes Wednesday.