The ruling follows a one-day trial March 9 on a civil lawsuit filed by the Ohio Attorney General\u2019s Office against Matthews seeking his removal based on a Fiscal Integrity Act complaint filed by four township residents who also have roles within the township\u2019s government \u2014 Miami Twp. Trustees Drew Barry, Don Culp and Terry Posey Jr., and township Administrator Chris Snyder.<\/p>\n
Hein ruled that Matthews\u2019 removal is justified because he \u201cpurposely and knowingly committed acts expressly prohibited by law and prohibited by the township investment policy,\u201d which Matthews had voted to enact in a prior role as a township trustee.<\/p>\n
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Credit: Bryant Billing<\/p>\n
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Credit: Bryant Billing<\/p>\n
\u201cWe\u2019re happy Mr. Matthews had his day in court, we just wish it hadn\u2019t taken as long as it did,\u201d said Posey, the township trustee president who testified against Matthews. \u201cThe facts of what happened have been undisputed for over a year, and I\u2019m happy to see that the judge recognized what the township trustees, state auditor and the attorney general\u2019s office all recognized: that this was illegal and worthy of removal from office.\u201d<\/p>\n
On March 26, 2025, Matthews withdrew $9.7 million from the township\u2019s State Treasury Asset Reserve of Ohio account and directed it be deposited into the township\u2019s account at Fifth Third Bank. His email dated March 28 stated it was to \u201ctransfer some of our excess funds from paper money to gold money.\u201d<\/p>\n
The gold money \u2014 1,500 one-ounce $50 Gold Eagle coins \u2014 was to have been purchased for $9.1 million and would have a transaction fee of just over $380,000 plus an annual storage fee that would cost an estimated $32,600.<\/p>\n
However, the transaction to purchase the gold was blocked by the township\u2019s finance director.<\/p>\n
\u201cThe transfer from STAR Ohio was an unauthorized transfer of township funds since the transaction was not approved by the Board of Trustees,\u201d the ruling stated.<\/p>\n
Ohio law limits township fiscal officers to clerical duties, such as keeping a record of accounts, transactions and board meetings. The law also prohibits spending of township funds without the signatures of at least two trustees, countersigned by the fiscal officer.<\/p>\n
Hein\u2019s ruling says the attempt to invest in gold coins was a \u201cunilateral action,\u201d which violated the investment policy. Also, the attempted investment would have been to an asset category not authorized by the investment policy and state law. Had the investment occurred, the $9.7 million fund would not have generated any income as required by the investment policy.<\/p>\n
\u201cAt best, there would have been increase in the principal value based on higher commodity prices for the weight of the gold; at worst, there would have been a decrease in the principal value based on lower commodity prices for the weight of the gold,\u201d Hein wrote.<\/p>\n
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Credit: Bryant Billing<\/p>\n
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Credit: Bryant Billing<\/p>\n
Matthews raised several objections to the allegations and the process leading to the case.<\/p>\n
First, he said the four residents behind the FIA complaint are township officials who are not eligible to be complainants. The judge noted that state law does not indicate the four cannot hold dual roles.<\/p>\n
\u201cThe four complainants are residents of Miami Township, and therefore, meet the requirement for making a complaint against respondent. Therefore, respondent\u2019s argument is a meritless fiction,\u201d Hein wrote.<\/p>\n
Matthews questioned whether the township officials misused township resources, include legal counsel, employees\u2019 time and administrative supplies. The judge determined that may be the subject of an audit inquiry by the Ohio Auditor\u2019s Office but is not material to this case.<\/p>\n
Matthews also claimed the $50 American Eagle one-ounce gold coin is in the category of \u201cU.S. Treasury Obligations\u201d and is an appropriate investment, according to the investment policy and state law.<\/p>\n
\u201cHowever, the court disagrees. The value of the coin is not based on its face value and backed by the full faith and credit of the U.S. government.\u201d Hein wrote. Instead, \u201cits value is based on the market value of the material. How else could you explain paying $3,000 for a $50 face value coin?\u201d<\/p>\n
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Credit: Bryant Billing<\/p>\n
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Credit: Bryant Billing<\/p>\n
Further objections raised by Matthews indicated that the township\u2019s legal counsel gave approval for investing in gold. The judge said the opinion was speculative and that the investment was not allowed by law. Matthews also said that the fiscal officer has the same financial authority as a government treasurer.<\/p>\n
\u201cUnfortunately, this is not a legal reality,\u201d Hein wrote. \u201cInstead, though important, the statutory duties of the fiscal officer are mostly clerical in nature.\u201d<\/p>\n
By finding that Matthews violated state law and township policy, Hein said the court has no discretion and must \u201cissue an order removing the township fiscal officer from office.\u201d<\/p>\n
\u201cI did my best presenting why the law stated specifically that I could, as treasurer, make investments and I had clear proof that our legal counsel said that gold was an OK investment, so that\u2019s why I moved ahead,\u201d Matthews told the Dayton Daily News.<\/p>\n
The township has lost $3 million to $4 million over the course of a year on gains it could have realized in the price of gold, he said, \u201cso I hope they\u2019re satisfied with the judgment they\u2019ve pursued.\u201d<\/p>\n
In addition to not planning to appeal, Matthews said it is not likely he\u2019ll run for public office again because the removal order also bars him from holding public office for four years.<\/p>\n
\u201cHe overstepped his authority by a mile, playing King Midas with money that didn\u2019t belong to him,\u201d Ohio Attorney General Dave Yost said in a statement. \u201cMiami Township deserves dependable elected officials who operate within the bounds of the law.\u201d<\/p>\n
In his previous role as Ohio Auditor of State, Yost spearheaded the Fiscal Integrity Act, a law that established the removal process for fiscal officers accused of reckless conduct. <\/p>\n
Township trustees will appoint a new fiscal officer, who must run in November to fill the remainder of the term that expires March 31, 2028. Posey said the township will solicit interest from community members to fill the post. The township has 30 days to fill the vacancy, according to the township.<\/p>\n
Meanwhile, former Miami Twp. fiscal officer Greg Clingerman has been serving as fiscal officer. <\/p>\n","protected":false},"excerpt":{"rendered":"\u201cIt was a difference of opinion,\u201d Matthews told the Dayton Daily News regarding the ruling, adding that he…\n","protected":false},"author":2,"featured_media":203882,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[123,125,124],"class_list":["post-203881","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/203881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=203881"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/203881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/203882"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=203881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=203881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=203881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}