Fourth Defendant Pleads Guilty in Decade-long Ponzi Scheme
(TOLEDO, Ohio) — The spouse of a former Northwest Capital manager has pleaded guilty prior to trial, Ohio Attorney General Dave Yost announced.
Nancy Rathbun pleaded guilty today in Lucas County Common Pleas Court to one count of attempted money laundering, a fourth-degree felony.
Rathbun was indicted in July 2024 as a co-defendant in the Northwest Capital investment scheme. According to the indictment, defendants persuaded investors to place money into underperforming companies without disclosing the significant impaired status of the companies. This defendant assisted in laundering money once the money had been stolen.
Rathbun’s husband, Gary, also was indicted and faces 24 felonies.
Three additional defendants have previously pleaded guilty in the case:
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.The Special Prosecutions Section of the Attorney General’s Office is prosecuting the case.
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