TOLEDO — A fourth person has pleaded guilty in a decade-long Ponzi scheme in Toledo, according to the Ohio Attorney General Dave Yost.
Nancy Rathbun, the spouse of the former Northwest Capital manager, pleaded guilty before her trial, according to a spokesperson.
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News Center 7 previously reported that Doug Miller, a former investment advisor for the company plead guilty in January.
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Rathbun pleaded guilty to one count of attempted money laundering, which is a fourth-degree felony.
She was indicted in July 2024 as a co-defendant in the Northwest Capital investment scheme.
According to the indictment, the defendants persuaded investors to place money into underperforming companies without disclosing the significant impaired status of the companies.
Rathbun allegedly assisted in laundering money once the money had been stolen.
Her husband, Gary Rathbun, was also indicted and faces 24 felonies.
Three additional defendants have previously pleaded guilty in the case:
• On Jan. 17, James Delverne pleaded guilty to 11 felonies.
• On Jan. 6, Doug Miller pleaded guilty to six felonies.
• On May 27, 2025, Richard Scheich pleaded guilty to five felonies.
The case is the culmination of a multiyear investigation by the Ohio Department of Commerce’s Division of Securities and the Attorney General’s Bureau of Criminal Investigation.
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