(TOLEDO, Ohio) — A former investment advisor today admitted his involvement in a scheme to deceive and defraud investors of millions of dollars, Ohio Attorney General Dave Yost announced.
Doug Miller is among multiple defendants associated with Northwest Capital who were indicted in July 2024. Northwest Capital was a Toledo investment firm that served as an intermediary between investors and businesses raising capital by selling accounts receivable.
More than 700 investments from at least 200 people – roughly $72 million total – were allegedly mismanaged as part of the wide-reaching scheme. Investors were convinced to put money into underperforming companies without receiving disclosure of the significantly impaired status of the companies.
Miller pleaded guilty today in Lucas County Common Pleas Court to:
- 1 count of theft (F2)
- 1 count of attempting to engage in a pattern of corrupt activity (F3)
- 1 count of securities fraud (F3)
- 2 counts of attempted money laundering (F4)
- 1 count of grand theft (F4)
As part of his plea agreement, Miller will cooperate with the ongoing investigation and testify in the prosecutions of co-defendants. The criminal prosecution of six additional defendants remains ongoing.
Miller will be sentenced after those cases conclude.
In May, Richard Scheich, an executive with multiple entities involved in the Northwest Capital scheme,
pleaded guilty to five felonies.
The case is the culmination of a multiyear investigation by the Ohio 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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