TOLEDO — A Toledo investment firm executive pleaded guilty on Tuesday for deceiving and defrauding investors in a decade-long Ponzi scheme.

Richard Scheich was an executive with multiple entities involved in the Northwest Capital scheme and pleaded guilty to a bill of information— which is a formal accusation of a crime given by a prosecutor to the defendant — in Lucas County Common Pleas Court. He pleaded guilty to two counts of conspiracy to engage in a pattern of corrupt activity, F2, and three counts of sale of an unregistered security, F4.

According to the bill of information, Scheich made false invoices to secure funds from lending institutions so those who invested in companies related to Northwest Capital could be paid. The funding was used to entice investors to continue funding the overall investment scheme.

It’s believed that Scheich defrauded nearly $9 million in investments. For the overall case, including co-defendants, fraudulent investment totals $72 million.

For his plea agreement, Scheich will cooperate with investigators and testify in the prosecutions of co-defendants as prosecutors previously charged multiple executives and businesses in the case. His sentencing date will be set after those cases conclude. 

The Special Prosecutions Section of the Attorney General’s Office is prosecuting the case.