COLUMBUS, Ohio -- The former chief financial officer for Ohio's troubled insurance fund for injured workers was charged Thursday with trading investment opportunities for money, college tuition and stays at a Florida condominium.

The racketeering and money laundering charges against Terry Gasper, 59, were filed by state and federal prosecutors.

Prosecutors say Gasper received $25,000 from coin dealer Tom Noe as a bribe in return for receiving investment business from the Ohio Bureau of Workers' Compensation.

Noe, a prominent GOP contributor at the heart of a state political scandal, pleaded guilty Wednesday to illegally funneling money to President Bush's re-election campaign. Noe still faces embezzlement charges alleging he stole $1 million from a $50 million rare-coin investment he managed for the Ohio workers' compensation fund.

Court documents detailing the charges against Gasper allege Gasper took things of value from brokers, dealers and marketers who wanted "to obtain and retain lucrative OBWC investment contracts."

Gasper also faces state ethics charges for failing to disclose the source of income, gifts, travel, meals and entertainment on mandatory financial disclosure forms from 1999 through 2005.

A message was left with Gasper's attorney seeking comment.

The state bureau said it was pleased with the charges. Investigators have "delivered justice to those whose actions have hurt Ohio's businesses and workers," bureau administrator Bill Mabe said in a statement.

Previous reports had alleged that Gasper tried to steer how investments were handled at the workers' compensation bureau.

The bureau's former chief investments officer, James McLean, has said Gasper tried to keep quiet mounting losses in a fund managed by MDL Financial Management. Those losses ultimately hit $215 million. McLean said Gasper told him the investment firm was "a friend of the bureau."

The investigation into the investment scandal has been a major embarrassment for Republicans, who dominate state politics in Ohio. The probe resulted in sweeping changes at the workers' compensation bureau and led to Gov. Bob Taft pleading no contest to ethics charges.

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On the Net:

Workers' Compensation Bureau: http://www.ohiobwc.com

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By ANDREW WELSH-HUGGINS
The Associated Press

© 2006 The Associated Press

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