Article published May 27, 2005
RARE-COIN FUND
Ohio Bureau of Workers' Comp chief to resign
BLADE STAFF AND WIRES
COLUMBUS — Gov. Bob Taft said this morning that the director of Ohio’s Bureau of Workers’ Compensation is resigning amid an investigation into millions of dollars missing from a rare coin investment fund.
Neither agency Administrator James Conrad nor any member of his staff told the governor about the state’s investment in coins, Taft said at a 10 o'clock news conference. When questions came out about the investment in April, agency officials told Taft the investment was profitable and safe.
State officials say they plan to sue Maumee coin dealer Tom Noe and seek criminal charges after his attorney told them yesterday that between $10 million and $12 million of the state’s $55 million investment in rare coins is missing.
“I am outraged, angered, saddened, sickened by what we learned yesterday from Mr. Noe’s attorney,” Taft said at a news conference.
Taft said he believes Conrad, who will resign next Friday, understands the investment was a mistake and that he is responsible as agency administrator. The governor said he also takes responsibility for the situation.
Taft would not respond to reporters’ questions about whether he forced Conrad to step down, saying only that he resigned under mutual agreement.
Read more in later editions of The Blade and toledoblade.com.
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