Removal of Miami Township Fiscal Officer for Unauthorized Gold Coin Investment
The Miami Township fiscal officer has been removed from office after attempting to invest $9.7 million in gold coins. Visiting Judge Jonathan Hein ordered Robert Matthews' removal and declared the post vacant following a civil lawsuit filed by the Ohio Attorney General’s Office. Matthews had withdrawn the funds from the township’s account without proper approval and attempted to purchase 1,500 one-ounce $50 Gold Eagle coins, which was blocked by the finance director.
The ruling stated that Matthews violated the township investment policy and Ohio law by making a unilateral decision to invest in gold coins. Ohio law limits the fiscal officer to clerical duties and requires approval from at least two trustees for spending township funds. The attempted investment in gold coins was not authorized by the investment policy and would not have generated any income as required.
Matthews raised objections to the allegations, claiming that the complainants were township officials who misused township resources and that investing in gold coins was allowed by the investment policy and state law. However, the judge dismissed these arguments, stating that the investment was not permitted by law and the value of the coins is based on market value, not face value.
The judge's ruling emphasized that the attempted investment in gold coins was unauthorized and violated the township's investment policy. Matthews' removal from office was deemed necessary to uphold fiscal integrity and compliance with state laws. The township officials involved in the complaint were found to have acted within their rights to file the complaint, and Matthews' objections were dismissed as unfounded.
In conclusion, the removal of Robert Matthews as the Miami Township fiscal officer highlights the importance of following proper procedures and regulations when handling public funds. The ruling serves as a reminder of the responsibilities and limitations placed on public officials to ensure transparency and accountability in financial matters.