Ohio Attorney General

01/15/2026 | Press release | Distributed by Public on 01/15/2026 14:38

Third Defendant Pleads Guilty in Decade-long Ponzi Scheme

(TOLEDO, Ohio) - A former investment manager has admitted his involvement in a scheme to deceive and defraud investors of millions of dollars, Ohio Attorney General Dave Yost announced.

James Delverne pleaded guilty today in Lucas County Common Pleas Court in two separate cases:

  • Bank fraud scheme (Lucas Co CR 202401976)
    • 1 count of engaging in a pattern of corrupt activity (F2)
    • 1 count of telecommunications fraud (F2)
    • 1 count of theft (F3)
    • 2 counts of money laundering (F3)
  • Business scheme (Lucas Co CR 202401977)
    • 1 count of engaging in a pattern of corrupt activity (F2)
    • 3 counts of securities fraud (F4)
    • 2 counts of false representation of sales of security (F4)
Delverne is a former managing member of Northwest Capital and is among multiple defendants associated with the company who were indicted in July 2024. The Toledo investment firm served as an intermediary between investors and businesses raising capital by selling accounts receivable.

In the bank fraud case, Delverne, along with another individual, committed fraud against three lending institutions by creating fake invoices to secure $7 million.

In the business scheme case, Delverne is the sole defendant. He defrauded investors of $3.5 million by failing to disclose the true value of the companies and an ongoing investigation by the Ohio Department of Commerce's Division of Securities.

As part of his plea agreement, Delverne will cooperate with the ongoing investigation and testify in the prosecution of co-defendants. He will be sentenced after those cases conclude.

Two additional defendants have previously pleaded guilty in the scheme: The case is the culmination of a multiyear investigation by the 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.

MEDIA CONTACT:
Steve Irwin: 614-728-5417
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