An Indianapolis man who created several fake credit unions that bilked investors out of millions of dollars has pleaded guilty to fraud.

According to a Virginia federal court, Timothy Coughlin, 63, entered the plea Wednesday.

According to a SEC complaint filed earlier this year, between June 2007 and December 2009, Coughlin operated Oxford International Credit Union or Oxford International Cooperative Union and collected deposits from more than 5,000 investors exceeding $12.8 million.

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