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U.S. Securities and Exchange Commission

Billion Coupons, Inc. (aka Billion Coupons Investment) and Marvin R. Cooper

On February 18, 2009, the SEC obtained a temporary restraining order and asset freeze halting an alleged Ponzi scheme perpetrated by Hawaii-based Billion Coupons, Inc. (BCI) and its CEO Marvin R. Cooper. According to the complaint, BCI and Cooper raised $4.4 million from 125 investors since at least September 2007, specifically targeted members of the deaf community in the United States and Japan.

The SEC alleged the defendants represented that they pooled investor funds to engage in foreign currency (Forex) trading and investors would receive returns of up to 25% compounded monthly. The SEC also alleged the defendants used approximately $800,000 of the investor funds for Forex trading, Cooper misappropriated over $1.4 million of investor funds for his personal use and the defendants used over $1.6 million to make payments to investors as part of a Ponzi scheme. For more information about the SECís action, you can read Litigation Release No. 20906 (Feb. 19, 2009).

The Court appointed Barry A. Fisher as Temporary Receiver over BCI. For information about the Receivership, you can visit the Receiverís website.

In addition to the SECís action, the Commodity Futures Trading Commission filed an emergency action against BCI and Cooper, alleging violations of the antifraud provisions of the Commodity Exchange Act, and the State of Hawaii's Department of Commerce and Consumer Affairs, Office of the Commissioner of Securities, issued a preliminary order to cease and desist against BCI and Cooper.

 

http://www.sec.gov/divisions/enforce/claims/billioncoupons.htm


Modified: 03/10/2009