SEC Uncovers Ponzi Scheme Targeting Deaf Investors
The Securities and Exchange Commission obtained a court order halting an alleged Ponzi scheme by Hawaii-based Billions Coupons and its CEO Marvin R. Cooper that was targeting members of the Deaf community in the U.S. and Japan.
The SEC alleges Billions Coupons and Cooper raised more than $4.4 million from 125 investors since at least September 2007 by holding investment seminars at community centers for investors who were deaf.
The SEC is also alleging that Cooper pocketed at least $1.4 million in investor funds to pay personal expenses as well as purchase a new home.
This is the latest in a series of investor Ponzi schemes uncovered since the mammoth $50 billion investment fraud caused by Bernard Madoff was revealed in December. For more stories from CNBC, go to cnbc.com.