Statement Summary
On May 15, 2025, the SEC charged Christopher Aubin and his companies—Anchor State Capital LLC and Anchor State Properties LLC—with fraud for misleading investors during securities sales. From April 2023 to December 2024, Aubin allegedly raised about $2.5 million from at least 24 investors, falsely promising high returns from short-term loans. Instead, he reportedly misappropriated funds to cover personal expenses and to pay previous investors in a Ponzi-like scheme. The complaint highlights that Aubin deceived several investors, including Marines he served with. The SEC is pursuing charges under the Securities Act and the Securities Exchange Act, with relief sought from Ashley Corcoran, who received some proceeds.
SEC Charges Against Christopher Aubin
“On May 15, 2025, the Securities and Exchange Commission charged Massachusetts resident Christopher Aubin and his Rhode Island-based companies, Anchor State Capital LLC, formerly known as Anchor State Investments LLC, and Anchor State Properties LLC (collectively, Anchor State), with fraud for making false and misleading statements in connection with the sale of Anchor State securities.”
According to the Commission’s complaint, the defendants raised an estimated $2.5 million from at least 24 investors. The complaint also alleges that defendants used investor money to make payments to earlier investors and to pay Aubin’s own business and personal expenses.
The SEC’s complaint, filed in federal court in Massachusetts, alleges that, from at least April 2023 through December 2024, Aubin deceived multiple investors—at least two of whom were Marine Corps veterans who had served with him. The complaint alleges that Aubin promised to use investor money to make short-term, high-interest loans to Anchor State borrowers as an alternative to traditional financing.
According to the complaint, Anchor State’s investment contracts stated that investors would receive returns between 12% and 19% for investments lasting between one month and eight months. The complaint alleges that Aubin made very few real loans to borrowers. Instead, the complaint further alleges, Aubin actually used investors’ funds largely to make Ponzi-like payments to earlier investors or to pay for his own business and personal expenses, including lavish meals, luxury travel, and vehicles.
Legal Violations and Proceedings
The complaint charges Aubin and Anchor State with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The complaint names as a relief defendant Ashley Corcoran, who allegedly received proceeds from the investor funds.
The SEC’s case is being handled by Heidi M. Mitza, Patrick Noone, Steve Shepard, Kathy B. Shields, and Kevin B. Currid, all of the SEC’s Boston Regional Office.
