A Marine Corps veteran defrauded dozens of traders (together with a number of navy members who served with him) in a $2.5 million Ponzi scheme, in accordance with the Securities and Trade Fee.
Earlier this month, the fee charged Christopher Aubin with fraud (naming his corporations Anchor State Capital and Anchor State Properties as co-defendants. Although neither Aubin nor his companies have been registered with the SEC, Anchor State touted offering entry to capital “while you want it,” in addition to “tailor-made monetary planning from accredited professionals.”
Based on the SEC grievance, Aubin claimed his agency might supply funding alternatives as a short-term lending firm making high-interest loans to debtors for property or actual property investments.
Aubin pledged to make use of traders’ funds for loans as an alternative choice to conventional financing and promised returns between 12% and 19% for investments lasting between one and eight months. Buyers paid Aubin with wire transfers, checks and money (in some situations).
Based on the fee, when promoting the investments, Aubin touted his “trustworthiness” as a veteran, and his victims included a number of Marines who served with him.
However Aubin made “only a few actual loans” to debtors, opting to make use of traders’ funds to pay earlier traders, in addition to Aubin’s personal enterprise and private bills (together with “lavish meals, luxurious journey and automobiles.”)
Based on the fee, Aubin extended the scheme by convincing traders to roll over their principal and promised curiosity into new funding contracts, pushing aside the time when Aubin would want to make funds.
Boston-based WHDH 7News reported that Aubin’s victims included Steve Tripp, the proprietor of a Rhode Island-based fitness center the place Aubin labored out, and Patsy Sperduto, an investor who sued Aubin and Anchor State in Could 2024 (others joined the lawsuit in December).
Sperduto claimed Aubin owed him round $230,000, calling the entire scenario “insane.”
“Every thing he’s executed has mainly been a lie,” Sperduto informed WHDH reporters.
Aubin couldn’t be reached for remark previous to publication.
The fee additionally named Ashley Corcoran (who, for a time, was in a relationship with Aubin) as a aid defendant, claiming she acquired among the proceeds from traders’ funds. The fee is in search of restraining orders on the duo and Aubin’s companies, in addition to disgorgement and civil penalties.