Tr?id=566623520170033&ev=PageView&noscript=1

Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

Posted on April 20th, 2023 at 1:10 PM
Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law 

Ohio Attorney General Dave Yost and Ohio Department of Commerce Director Sherry Maxfield have announced multiple felony charges against a group of financial advisors who allegedly misappropriated $72 million from at least 200 clients during the past decade.

The indictment charges eight defendants, including James DelVerne, Doug Miller, Gary Rathbun, Colleen Hall, Nancy Rathbun, Adam Solon, John Walters, and Brad Konerman with numerous felonies. The charges include engaging in a pattern of corrupt activity, unlawful securities practices, telecommunications fraud, aggravated theft, perjury, money laundering, and several other financial charges. The controversy revolves around a Toledo-based advisory firm, Northwest Capital, which serves as an intermediary between investors and businesses raising capital by selling accounts receivables.

According to the indictment, the defendants improperly convinced clients to purchase alternative investments from issuers without disclosing conflicts of interest between January 2011 and December 2021. In order to raise additional capital, the defendants organized affiliated businesses for investment without disclosing to investors the true financial condition of the entities. The defendants also falsified investment values and performance, which were provided annually to investors, according to the indictment.

 

Eccleston Law LLC represents financial advisors and investors nationwide in securities, employment, transition, regulatory and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1784046159 Law
July 14, 2026
Mariner Wealth Advisors Reports Data Breach Affecting Nearly 9,000 Customers

Mariner Wealth Advisors LLC disclosed a data breach that exposed personal information of 8,995 customers, according to AdvisorHub.

1783957061 Law
July 13, 2026
FINRA Warns of Growing Risks From Finfluencers and AI-Driven Investment Content

Financial Industry Regulatory Authority (FINRA) regulators are raising concerns about the increasing influence of social media personalities and artificial intelligence (AI) on retail investors, particularly those managing their own investments without professional guidance.

1783615970 Law
July 9, 2026
FINRA Suspends Former Branch Manager for Supervisory Failures Linked to Excessive Trading and Churning

A former regional branch manager at a broker-dealer has agreed to Financial Industry Regulatory Authority (FINRA) sanctions after the regulator found that he failed to supervise registered representatives who engaged in excessive trading and churning of customer accounts.