Terrence Gasper, former CFO of the Ohio Bureau of Workers Compensation fund, will plead guilty next week in Franklin County court, Columbus, Ohio, to doling out business in exchange for payments, according to an announcement by the Franklin County Prosecutor's Office. According to the plea agreement, Mr. Gasper received $25,000 from Thomas Noe, a rare coin dealer, in exchange for an investment of $50 million from the $15 billion BWC fund in the rare coins.
Mr. Gasper allegedly received $9,000 in the form of tuition payment for his son from an unnamed marketer for a financial services institution as well as a stay in an oceanfront condominium, according to charges made by federal authorities,. The federal charges stated Mr. Gasper allegedly took bribes from brokers and marketers at investment management firms, although the charges do not identify any of those firms. A hearing on those charges is also scheduled next week in federal court in Akron.
Mr. Noe is under investigation by federal authorities, who charge that he allegedly embezzled $1 million from the rare coin portfolio.