Friday, December 01, 2006

PD restitution update

Embezzler Noe ordered to repay $13.7 million: From the PD on the 28th of last month, more on the Noe-money recapture process. Note the absence of any specific mention of the money in Florida in Noe's wife's name.

"Ohio Attorney General Jim Petro is seeking to restart a civil lawsuit against Noe to recover money that he says Noe took from the workers' comp agency and could exceed $13.7 million, spokesman Mark Anthony said.
'Far and away, the lion share of the money is owed to BWC,' Anthony said.
The civil lawsuit most likely will attempt to recover potential profits the agency lost out on, Anthony said. 'That's another figure that hasn't been determined,' he said.
The lawsuit also will help determine where any of the money will go, Assistant Lucas County Prosecutor John Weglian said.
Prosecutors said they don't know whether Noe has any other personal assets that can be seized and turned over to the state.
The company selling off the coin funds could bring in about $56 million -more than the state's original $50 million investment - once all sales are finished next year, said Bill Brandt, president of Chicago-based Development Specialists Inc.
So far, about $42 million of the investment has been recovered. Any surplus beyond the original investment would count toward the amount the judge ordered Noe to pay the state.

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