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.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.