An Indianapolis man has been charged with fraud by the SEC for conducting an Internet offering that cost investors millions of dollars who invested funds in a fictitious credit union.
The complaint alleged that between June 2007 and December 2009, Timothy J. Coughlin, 63, operated Oxford International Credit Union or Oxford International Cooperative Union and collected deposits from more than 5,000 investors exceeding $12.8 million.
Approximately 3,300 of the investors were U.S. residents, with victims residing in all 50 states and the District of Columbia, according to the SEC.
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