KALISPELL, Mont. (AP) - A northwestern Montana woman charged with operating a Ponzi scheme that scammed dozens of investors out of more than $1.5 million has changed her plea in the case.
The Flathead Beacon reports (https://bit.ly/2km3wUL ) that Catherine Ann Finberg pleaded no contest Wednesday to theft by embezzlement and guilty to operating a pyramid scheme and fraudulent securities practices. As part of a plea deal, prosecutors dropped two additional charges.
The Columbia Falls woman initially denied all the charges by pleading not guilty in September.
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Court documents say Finberg operated a Ponzi scheme, using money from new investors to make payments to earlier investors, between 2008 and 2016.
She’s accused of taking $1.5 million from 28 different people.
At least four of the investors were identified as vulnerable persons because of their age and one was mentally disabled.
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Information from: Flathead Beacon, https://www.flatheadbeacon.com
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