Ponzi Scheme Involving Fake Credit Union Nets Over $12 Million From Investors
An Indianapolis man, Tom Coughlin, used two fake credit unions, Oxford International Credit Union and Oxford International Cooperative, to sell fraudulent investments to more than 5,000 individuals, most in the United States. To support the fraud, he developed a fake website that showed the online investors that they were receiving the touted return and that claimed that the credit union accounts were privately insured. [4/14]
