NEWARK, Ohio — David Donbaugh, 64, of eastern Pennsylvania, was arrested and transported to Licking County after allegedly defrauding two victims of nearly $175,000 in a bitcoin investment scam.
According to court documents, a 77-year-old victim reported losing $140,000 after meeting a woman online, known as “Lina,” who claimed to be a financial advisor. The victim sent money intended for bitcoin investments, including two checks totaling $90,000 made out to Donbaugh.
Investigators traced wire transfers from the victim to accounts at Grand Rapids State Bank in Minnesota and Citibank. Another victim reported sending $34,000 to a woman named “Nina,” who vanished after accessing the victim’s cryptocurrency account, leaving him with no funds.
Detectives from Licking County and Springettsbury Township, Pennsylvania, eventually made contact with Donbaugh. He admitted receiving the certified checks but claimed they were loans from a cousin and promised to return the funds. When investigators found inconsistencies in his story, Donbaugh was arrested on Dec. 6.
Further investigation revealed that Donbaugh’s Citibank account had received over $840,000 from unrelated sources across multiple states between July and September 2025. Most of the money was rapidly converted to cryptocurrency and withdrawn within hours or days, consistent with money mule activity.
A grand jury indictment charged Donbaugh with theft, telecommunications fraud, receiving stolen property, and three counts of property subject to forfeiture. He was issued a $1 million bond and is scheduled for a court appearance this week.
