A Columbia Falls woman has been charged with six felonies for allegedly running a Ponzi scheme worth more than $1.5 million.

Catherine Finberg was charged Aug. 31 in Flathead District Court with felony theft by embezzlement, failure to register as a securities broker, failure to register securities, operating a Ponzi scheme, and two counts of fraudulent securities practices.

According to court documents, Finberg took investments from 28 people between 2008 and 2016.

Finberg allegedly collected more than $1.5 million, but lost 83 percent of the money. She was not properly registered as an securities broker-dealer, the state claims, and investors never received tax documents or proper paperwork for the transactions. Finberg allegedly told the investors that she was taking care of their taxes.

At least three of the investors are classified as “vulnerable” under state statute because they are over 60 years old, including two 80-year-olds.

Court documents also claim that instead of managing an account for the benefit of a disabled man as she was legally entrusted to do, Finberg allegedly made withdrawals to pay her own bills.

Finberg allegedly received only $11,000 in wages from 2008 until 2016 from Columbia Falls school district, where she is an assistant basketball coach.

An arraignment date has not been set.

Flathead District Judge Amy Eddy signed an order on Wednesday for Finberg to turn herself in so that she could be booked and released. If Finberg does not do so, a warrant will be issued for her arrest.