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Fake Credit Union Swindles $12.8 Million From Investors

Wednesday, April 16, 2014 - 8:49 AM
On Friday the SEC charged an Indianapolis man, Timothy J. Coughlin, 63, “with conducting an Internet offering fraud in which investors lost millions of dollars by investing funds in a fictitious credit union.” The fake credit union, named Oxford International Credit Union, was the front through which Coughlin allegedly collected funds from more than 5,000 investors from all 50 states and the District of Columbia.

SEC Says Fake Credit Union's Ponzi Scheme Stole 12.8M
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