TOLEDO, Ohio (WCMH) — The Ohio Attorney General’s Office is reporting that a third suspect in a decade-long Ponzi scheme investigation has pleaded guilty.
According to the office of Attorney General Dave Yost, a former investment manager has admitted to his involvement in a scheme to deceive and defraud investors of millions of dollars over two separate cases over 10 years.
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On Thursday, James Delverne pleaded guilty in Lucas County Court of Common Pleas on the following charges:
- Bank fraud scheme
- Two counts of money laundering
- Engaging in a pattern of corrupt activity
- Telecommunications fraud
- Theft
- Business scheme
- Three counts security fraud
- Two counts false representation of sales of security
- Engaging in a pattern of corrupt activity
In the bank fraud case, Delverne, a former managing member of Northwest Capital, a Toledo investment firm, was among two defendants associated with the company who were indicted in 2024.
The defendants certified false investment values between 2011 and 2021, which were shared in annual statements issued to investors. The two suspects created fake invoices to secure $7 million against three lending institutions.
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In the business scheme case, Delverne reportedly operated alone and defrauded investors of $3.5 million by failing to disclose the true value of the companies…