LUCAS COUNTY, Ohio — A former investment advisor in Ohio admitted to his involvement in a Ponzi scheme on Tuesday, according to Ohio Attorney General Dave Yost’s office.
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Doug Miller pleaded guilty to theft, attempting to engage in a pattern of corrupt activity, securities fraud, attempted money laundering and grand theft charges in Lucas County Common Pleas Court.
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As part of Miller’s plea agreement, he will cooperate with ongoing investigations and testify against his co-defendants, according to the office.
Miller’s charges are connected to a multimillion-dollar investment scheme at Northwest Capital in Toledo.
The firm served as an intermediary between investors and businesses seeking capital through accounts receivable sales.
It mismanaged over $72 million from more than 700 investments made by at least 200 people, according to the office.
The firm allegedly had people invest in underperforming companies without disclosing their impaired financial status.
Richard Scheich, an executive involved in the Northwest Capital scheme, previously pleaded guilty to five felonies related to the case in May.
The criminal prosecution of six additional defendants is ongoing, according to the office.
Miller will be sentenced after the remaining cases are complete.
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