Indiana man sentenced for fake credit union

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ALEXANDRIA, Va. (AP) — An Indiana man has been sentenced to more than seven years in prison for defrauding investors through a fake credit union.

Sixty-three-year-old Timothy Coughlin of Indianapolis was also ordered to pay $10 million in restitution at sentencing Friday in federal court in Alexandria.

According to court documents, Coughlin operated the Oxford International Credit Union. Prosecutors say about 3,500 investors from many countries made investments online and were promised high returns.

 

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