“If it was that simple a case, we wouldn’t be sitting here,” said Hein, who added that there are “numerous legal issues that are worthy of written analysis.”
The state’s case
The Ohio Attorney General’s Office filed a civil lawsuit against Matthews seeking his removal based on a Fiscal Integrity Act complaint filed by four township residents who also have roles within the township’s government — Miami Twp. Trustees Drew Barry, Donald Culp and Terry Posey Jr., and Township Administrator Chris Snyder.
“If the court finds by clear and convincing evidence that the township fiscal officer purposely, knowingly or recklessly committed any act expressly prohibited by law with respect to the fiscal duties of that office, the court shall issue an order removing the township fiscal officer,” attorney Mark Tucker from the AG’s office said during opening statements.
Credit: Bryant Billing
Credit: Bryant Billing
Matthews withdrew $9.7 million from the township’s State Treasury Asset Reserve of Ohio account and directed it be deposited into the township’s account at Fifth Third Bank.
“He knew and has admitted that these funds were not excess township funds, but rather had been appropriated by the township for a variety of purposes,” Tucker said. “He then directed the bank officials to make two wire transfers of $4.85 million each, to the coin dealers for the purchase of gold coins.”
The AG’s office alleges that gold is not an acceptable investment using taxpayer dollars. Also, Matthews is accused of violating township investment policy, which Tucker said has a force and effect of law in the township. It states that no person may engage in an investment transaction except as provided under the terms of the policy and under the guidance of the investment oversight committee.
“So what is this case not about? It’s not about whether gold is a good investment for Ohio governmental entities. It is, as we previously noted, about whether Mr. Matthews committed acts expressly prohibited by law,” Tucker said.
Fiscal officer’s response
Matthews, who represented himself, is a fiscal officer whose responsibilities include paying bills, payrolls and receiving revenue distributed to the township in addition to maintaining a record of trustees meetings.
“I will show that I did not violate Ohio law by trying to do an investment,” Matthews said in his opening statements. “I didn’t violate Ohio law on either of the two charges that the Attorney General(’s Office) is presenting today.”
Matthews said he has owned gold for 15 years, and that for about a year he had been trying to find out whether the township could invest in gold. He consulted the AG’s office, which he said referred him to township legal counsel.
“I don’t report to the trustees. I’m a duly-elected public official,” he said. “I have the right to make investments. … The law as I read it says the treasurer can do an investment. Those coins are issued by the U.S. Treasury."
At issue is the interpretation of an email from an attorney for Frost Brown Todd, which represents the township.
The judge accepted the email as an exhibit on behalf of Matthews, but under seal at the request of counsel for the township due to attorney-client privilege because the trustees did not waive privilege.
Matthews said the email gave approval for gold investments. The law firm claims the email states further research was needed. However, Hein said to Jonathan Roach of Frost Brown Todd: “the exhibit doesn’t say what you represented, but you might want to read it that way, so I’ll read it for what it is.”
Matthews called two witnesses: Snyder and the coin broker Justin Steel of Springboro Coin & Jewelry.
“Tell me why you filed your complaint,” Matthews said to Snyder when he was on the stand.
“In my view, the action that you took was reckless, put the township in fiscal danger. That was the primary concern,” Snyder said.
“And which law did I break?” Matthews said.
“I believe that you had violated the rules against making purchase of the product without the consent of the board of trustees,” said Snyder, who said he filed the FIA complaint “based on the information I had that you did not have authorization from the board of trustees.”
Gold as an investment was just one of three major efforts to generate money, Matthews said. Others were allowing a cell tower at a township park and looking into solar power to save on utility costs.
“I’m a taxpayer, too, not just the fiscal officer,” he said. “That’s my motivation for what I did.”
Expense vs. investment
Gold coins are legal tender, just like dollar bills, that are manufactured by the U.S. Mint, a division of the U.S. Treasury Department, under authorization of Congress, said Steel, who also was accepted as an expert witness in numismatics.
“Over the last year, gold has been somewhere between a 70% and 100% increase in value,” he said. “It has been a 763% increase in value over 20 years.
“Gold has still been historically one of the safest investments,” Steel said.
Miami Twp. Finance Director Clay McCord said during testimony that he was at a conference March 28, 2025, when he received a message from Fifth Third Bank questioning wire transfers, of which he said he had no knowledge. About 10 minutes later, he said Matthews sent him a message that he had authorized the transfers.
“He didn’t seem happy that I canceled the transactions,” McCord said.
On cross examination, Matthews asked McCord if gold were an acceptable investment and he moved money from paper currency to gold, he would be following the intent of the township’s investment policy.
“I do not believe so, sir, no,” McCord said, “because gold does not generate interest. … What’s the purpose of an investment if not to generate interest?”
During redirect from attorney Bryan Lee, counsel of record for the AG’s Office, McCord said “yes” that gold would be a significant shift in township investment strategy.
He also called gold a “speculative investment” and said that the $380,000 plus fees “would have been recorded as an expense.” Gold is not liquid, and a potential gain could not be recorded until the asset is disposed.
Posey, who also was called by the AG’s Office as a witness, testified that he talked to Matthews numerous times about his desire to invest in gold coins.
“I told him that for the board of trustees to consider that, we would need some documents from the Ohio Attorney General and Ohio Auditor authorizing that as an investment because I did not believe it was an authorized investment,” he said. “The efforts described in liquidating the township funds, and transferring, and the attempted transfer, he did not discuss with any member of the board of trustees, the finance director, the township administrator, before he attempted it.”
Matthews also called into question whether it was appropriate for the four who filed the FIA complaint as individuals to use township resources through the assistance of Frost Brown Todd.
Credit: Bryant Billing
Credit: Bryant Billing
Hein said he would issue a written ruling at a later date.
Meanwhile, Matthews remains under a temporary order barring him from performing any fiscal duties or entering township offices, unless he is attending a public meeting. Former fiscal officer Greg Clingerman is serving as deputy fiscal officer.
Matthews was elected fiscal officer in November 2023 and took office in April 2024. In November, he unsuccessfully ran for township trustee. He previously served as a trustee from 2013 to March 2017, when he resigned to avoid a potential conflict of interest after accepting a job at a firm that contracted with the township. Matthews said he no longer works there.
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