COLUMBUS, Ohio -- A state audit report released Monday said lax financial controls at the Ohio Bureau of Workers Compensation led to the loss of millions of dollars in state investments.

The audit was conducted in the wake of the Ohio investment scandal last year.

Tom Noe, a well-connected political fundraiser, was given $50 million from the BWC to invest in rare coins. In 2006, he was convicted on theft charges and now is doing time in a federal prison on unrelated charges.

Ohio Auditor Mary Taylor told WHIOTV.com the report also confirms that internal auditors tried to raise questions about the control issues involving Noe’s coin fund.

Taylor said, “It did start with an internal auditor saying something’s not right here. We don’t have proper controls in place to safeguard the assets, public assets. We have recommendations on things that we think should be done and quite frankly that was ignored.”

The same report also confirmed the former chief financial officer at BWC, Terrence Gasper, abused his power and accepted cash and other benefits in exchange for business with the BWC.

Gasper has pleaded guilty to taking bribes and is scheduled to be sentenced in April. He is cooperating in the investigation of at least one contractor who sought business with the BWC.

One of the remaining issues in the investigation at BWC is allegations of rate-fixing. The latest audit report found a lack of control over the rate-setting process.

The state inspector general and Joint Legislative Ethics Commission are investigating possible abuse of the rate-setting process.

Click here for more information from the state auditor.

jim.otte@whiotv.com