Timothy J. Coughlin and Oxford International Credit Union Accused of Orchestrating a Ponzi Scheme
Timothy J. Coughlin, Oxford International Credit Union, and Oxford International Cooperate Union are accused of conducting a Ponzi scheme that involved 5,000 investors who invested over $12 million, according to complaint filed by the Securities and Exchange Commission (“SEC”).
Coughlin and Oxford International Credit Union, using the website www.oxfordicu.com, collected deposits from more than 5,000 investors exceeding $12.8 million between June 2007 and December 2009, according to the complaint. Coughlin began operating a successor to Oxford International Credit Union, called Oxford International Cooperative Union, using the website www.oxfordprivacygroup.com, according to the SEC.
Coughlin, Oxford International Credit Union, and Oxford International Cooperate Union defrauded investors into believing that the money they deposited into their accounts would be pooled with other investors’ funds and invested by Coughlin in high-yield investments on behalf of all members, according to the complaint.
Unfortunately for investors, the credit union was fake, and Coughlin and the Oxford International entities did not make investments with the investors’ deposits sufficient to generate the high returns that were advertised, according to the SEC.
Coughlin and the Oxford International entities provided members with false information in the investors’ online accounts to create the appearance that their deposits were earning exorbitant daily investment returns, according to the complaint.
Coughlin misappropriated at least $5.97 million from Oxford International Credit Union and Oxford International Cooperate Union members, using investor money for illegitimate purposes, including personal expenditures and to make payments to other investors, according to the complaint.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.