Elected official removed from office for $10M gold investment

(The Center Square) – An Ohio judge Monday removed a township’s fiscal officer for trying to invest $10 million in taxpayer funds in gold coins without approval from the township’s trustees.

The Miami Township fiscal officer, Robert Matthews, who was elected by voters, was dubbed “King Midas” by Ohio General Attorney Dave Yost in a news release.

“He overstepped his authority by a mile, playing King Midas with money that didn’t belong to him,” Yost said in a statement. “Miami Township deserves dependable elected officials who operate within the bounds of the law.”

A year ago, Matthews withdrew $9.7 million from one of the township’s investment accounts, Yost said. He planned to invest the funds in gold coins, which would have cost the township $380,000 in transactions and fees and $32,000 each year for storage. The bank alerted the township’s finance director, who blocked the transaction, Yost said.

Under Ohio law, township fiscal officers can only perform financial clerical work, Yost said...