At press time, the SEC said it was continuing its investigation after charging an Indianapolis man with fraud for conducting an Internet offering that cost investors millions of dollars who invested funds in fictitious credit unions.
The SEC complaint alleged that between June 2007 and December 2009, Timothy J. Coughlin, 63, operated Oxford International Credit Union and 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.
The agency said Coughlin misappropriated investor money to pay personal expenses, fund unrelated business expenses, and made distributions to other investors in a classic Ponzi scheme. the defendant also posted false information to investors' online accounts to create the appearance that their deposits in the fake credit union were earning substantial daily investment returns, the SEC alleged.
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