Fake Credit Union Ponzi Scheme Costs Consumers Millions

credit union fraud

By William Charles

On the 11th of April, 2014 the SEC charged Timothy J. Coughlin, 63 for conducting internet fraud under the business names “Oxford International Credit Union” or “Oxford International Cooperative Union”.

It’s alleged that defrauded investors of over 12.8 million between June 2007 and December 2009 under the name of Oxford International Credit Union & Oxford International Cooperative Union. Over 5,000 investors (over which 3,000 were American) were defrauded, with Mr. Coughlin misappropriating money to “pay personal expenses, fund unrelated business expenses, and make distributions to other investors in a classic Ponzi-scheme fash

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3 Responses to Fake Credit Union Ponzi Scheme Costs Consumers Millions

  1. Cristen says:

    You should clarify that reputable credit unions are federally insured by the NCUA or by major private insurance providers such as ASI, not the FDIC which is strictly for banks. Perhaps written by a banker??

  2. scfr says:

    For credit unions in the USA, check to see if they are insured by the National Credit Union Administration (NCUA). FDIC for banks, NCUA for credit unions. http://www.ncua.gov/Pages/default.aspx

  3. Balanced says:

    Your headline is very misleading. A more accurate title would be: “Fake Credit Union Ponzi Scheme Costs Consumers Millions”

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