A Marine Corps veteran defrauded dozens of investors (including several military members who served with him) in a $2.5 million Ponzi scheme, according to the Securities and Exchange Commission.

Earlier this month, the commission charged Christopher Aubin with fraud (naming his companies Anchor State Capital and Anchor State Properties as co-defendants. Though neither Aubin nor his firms were registered with the SEC, Anchor State touted providing access to capital “when you need it,” as well as “tailored financial planning from accredited professionals.”

According to the SEC complaint, Aubin claimed his firm could offer investment opportunities as a short-term lending company making high-interest loans to borrowers for property or real estate investments. 

Aubin pledged to use investors’ funds for loans as an alternative to traditional financing and promised returns between 12% and 19% for investments lasting between one and eight months. Investors paid Aubin with wire transfers, checks and cash (in some instances). 

According to the commission, when selling the investments, Aubin touted his “trustworthiness” as a veteran, and his victims included several Marines who served with him. 

But Aubin made “very few real loans” to borrowers, opting to use investors’ funds to pay earlier investors, as well as Aubin’s own business and personal expenses (including “lavish meals, luxury travel and vehicles.”) 

Related:DOJ: Massachusetts Couple Used COVID-19 Loans To Fund $3M+ Ponzi Scheme

According to the commission, Aubin prolonged the scheme by convincing investors to roll over their principal and promised interest into new investment contracts, putting off the time when Aubin would need to make payments.

Boston-based WHDH 7News reported that Aubin’s victims included Steve Tripp, the owner of a Rhode Island-based gym where Aubin worked out, and Patsy Sperduto, an investor who sued Aubin and Anchor State in May 2024 (others joined the lawsuit in December).

Sperduto claimed Aubin owed him around $230,000, calling the whole situation “insane.”

“Everything he’s done has basically been a lie,” Sperduto told WHDH reporters. 

Aubin could not be reached for comment prior to publication.

The commission also named Ashley Corcoran (who, for a time, was in a relationship with Aubin) as a relief defendant, claiming she received some of the proceeds from investors’ funds. The commission is seeking restraining orders on the duo and Aubin’s firms, as well as disgorgement and civil penalties.