The missing coin fund money takes on added significance in light of a federal investigation that Noe is facing. A federal grand jury has been convened, the Blade reported, to determine whether Noe skirted campaign-contribution limits by giving money to associates to give to the Bush-Cheney 2004 reelection effort. The investigation into campaign violations started as a separate probe by the FBI, but came to light a few weeks after the initial media scrutiny into the coin fund. As one of Bush's fundraising "Pioneers," Noe raised between $100,000 and $250,000.

The big question is whether Noe took state money gotten through a Republican-sponsored scheme and then funneled it through illegal third parties to Bush. That's how it looks to Dann, the state senator: "It's more than a guess that some of the money could have made its way to the campaign committees of Republican officeholders, starting at Toledo city council and going up to Arnold Schwarzenegger and the president." Dann illustrates the depth of Noe's beneficiary list by pointing out that when he filed suit against the state to make it release documents pertaining to Noe's coin fund, five out of the seven Ohio supreme court justices had to recuse themselves since they'd all taken more than $5,000 from Noe.

Bart Kulish is a business associate of Tom Noe's brother-in-law. He reportedly told the Blade he was given immunity in exchange for his testimony before the grand jury looking into Noe's campaign contributions. Along with Tom Noe, Bernadette Noe and several other Republicans in question, Kulish attended a 2003 fundraiser with Joe Restivo (Bernadette Noe's brother), where Kulish and Restivo each gave $2,000 to the Bush campaign. Did Kulish get immunity to testify that Noe's brother-in-law -- or Tom Noe -- gave him the $2,000? Mike Wilkinson of the Blade says he knows the answer to that question but can't reveal it yet.

Noe couldn't be reached, but one of his lawyers, Bill Wilkinson (no relation to Mike, the reporter), wouldn't comment on the federal investigation of campaign contributions except to say that Noe is cooperating with the government investigations. Wilkinson said, "It's important to note that although there's a valuation shortfall [in the coin fund], Mr. Noe has not admitted any misconduct at all in relation to that shortfall." He went on to criticize some of the media attention as unfair. "There have been numerous reports I know to be inaccurate," Wilkinson said. "Some of the media coverage seems designed to prematurely persuade readers that Noe has committed some misconduct, before any investigation is completed." Wilkinson passed, however, on the opportunity to provide any specific examples of inaccuracy. Then, upon reconsideration, he retracted the claim of bias and said, "I won't make the claim. I don't need to do that."

The coin fund is currently frozen, and the state has taken over its management. Noe is facing a slew of civil suits and possible criminal charges. Last month, Noe "resigned" from his appointed post as turnpike commissioner and his seat on the Ohio Board of Regents, which oversees the public university system. (He was appointed to the Board of Regents even though he had dropped out of college.)

Michael Storeim ran the Colorado coin subsidiary where Tom Noe's fund "lost" the two coins worth $300,000. Since the scandal broke, Noe and Storeim have traded public insults and lawsuits, with Noe alleging that Storeim skimmed the fund. Reporter Mike Wilkinson finds it curious, though, that Noe never reported any of the losses related to the Storeim subsidiary even though he was aware as they happened; Storeim called a Colorado sheriff's office when the two coins worth $300,000 originally went "missing" in the mail in October 2003, but that was it. Just last weekend, a group of law enforcement officers raided Storeim's Colorado home and seized 3500 bottles of wine worth an estimated half million dollars. Also seized were hundreds of Cuban cigars and a number of coins. Colorado investigators are claiming that at least $36,000 of coin fund money was used to purchase the wine stash.

Dann thinks the evidence is "pretty clear" that Taft and other GOP leaders facilitated Noe's coin fund with the expectation that the money would be skimmed and cycled back to Republican coffers: "Anyone can understand you don't take money needed to pay injured workers' claims and invest it in rare coins. You don't invest with the guys that advertise on late-night TV."

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