4th person pleads guilty in Ponzi scheme
A fourth person has pleaded guilty in a decade-long Ponzi scheme in Toledo, according to Ohio Attorney General Dave Yost.
Nancy Rathbun, the wife of the former director of Northwest Capital, pleaded guilty before trial, according to a spokesperson.
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News Center 7 previously reported that Doug Miller, the company’s former investment advisor, pleaded 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 in underperforming companies without disclosing the significantly impaired status of those companies.
Rathbun allegedly assisted in money laundering once the money was stolen.
Her husband, Gary Rathbun, was also indicted and faces 24 felonies.
Three other defendants have already pleaded guilty in this case:
• On January 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 multi-year investigation by the Ohio Department of Commerce’s Securities Division and the Attorney General’s Office of Criminal Investigation.
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