HONOLULU (CN) - Billion Coupons Investment and CEO Marvin R. Cooper operated a $4.4 million Ponzi scheme to dupe about 125 investors, most of whom are deaf, the Securities and Exchange claims in Hawaii Federal Court.
BCI and Cooper raised the money nationwide and in Japan, purportedly to engage in Forex trading, the SEC claims.
Some investors wrote the following goals on their BCI account opening paperwork, according to the complaint: "Grow enough funds to support my family and contribute to Deaf organizations worldwide," and "$10 MILLION TO ESTABLISH A NEW DEAF COMMUNITY CENTER" (all caps in original).
But Cooper allegedly "misused investor funds to pay his personal expenses and to operate a Ponzi scheme."
The SEC says the company "is collapsing and/or on the verge of collapse."
It wants the court to freeze the defendants' assets and force them to disgorge all ill-gotten gains.
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