Coingate: Most of 121 missing Colorado coins now accounted for

Blame it on poor record keeping. They were not really missing
after all. However the "big 2" are still unaccounted for.

http://toledoblade.com/apps/pbcs.dll...WS24/506250428

I think I missed something along the way with this.
What is it that comprises the $10-12 million that they reported
missing? Even if all 121 coins were present that would
only add up to $393,000.

********************************************
Well of course I want my cake and to eat it too.
What good is cake if I can't eat it?
********************************************





"stonej" wrote in message
ups.com...
Blame it on poor record keeping. They were not really missing
after all. However the "big 2" are still unaccounted for.


http://toledoblade.com/apps/pbcs.dll...WS24/506250428

The $10-$12 million is a seperate issue from the 121 missing
coins. The 121 missing coins implicated one of Noe's employees in
Colorado. The exact nature of the $10-$12
million loss hasen't been completely figured out yet but
appears to be related to changes in grading standards, buying
at a certain grade and selling at a different grade or a combination of
these factors.

The $10 - $12 million isn't a loss - it is just plain missing, due to
Noe converting the funds to his own use. He took the money and spent
it. How do you think he bought his houses, etc.? He treated the
state funds as his own piggy bank.

Lee C.


On 26 Jun 2005 05:31:30 -0700, "stonej"
wrote:

The $10-$12 million is a seperate issue from the 121 missing
coins. The 121 missing coins implicated one of Noe's employees in
Colorado. The exact nature of the $10-$12
million loss hasen't been completely figured out yet but
appears to be related to changes in grading standards, buying
at a certain grade and selling at a different grade or a combination of
these factors.

That is one of the theories investigators are looking into. He seemed
to go on a wild spending spree right after getting the investment
money. It is also possible a lot of money he gave in political
donations came from the same source.

On 27 Jun 2005 09:04:21 -0700, "stonej"
wrote:

That is one of the theories investigators are looking into. He seemed
to go on a wild spending spree right after getting the investment
money. It is also possible a lot of money he gave in political
donations came from the same source.

As I posted on May 27th when Noe's lawyer admitted the money couldn't
be accounted for:

".....considering the two loans he made from the coin fund is it
really surprising that he may have viewed the fund as a convenient
source of ready cash?"