TOLEDO, Ohio — One of the several executives involved in the Northwest Capital scheme has pleaded guilty to multiple felony charges after deceiving and defrauding investors in what investigators called a “decade-long Ponzi Scheme,” according to a press release from the Ohio Attorney General’s Office.
Richard Scheich pleaded guilty to two second-degree felony counts of conspiracy to engage in a pattern of corrupt activity, and three fourth-degree felony counts of sale of an unregistered security.
Prosecutors said Scheich, along with his colleagues at Northwest Capital, created false invoices to secure funding from lending institutions in order to pay investors. Then, the fraudulently acquired funding was used to entice investors to continue funding the company’s scheme…