Montana woman admits to taking $1.5M in pyramid scheme case

KALISPELL – 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 reported 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.

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.