Judge halts assets and house sale of accused Ponzi schemer by Cranston businessman

A federal court judge has taken action against Rhode Island native Christopher Aubin, a former U.S. Marine accused of orchestrating a Ponzi scheme, by issuing a temporary restraining order (TRO) to freeze his assets. The court order also included a directive prohibiting the sale of a house currently under the control of Cranston businessman Russell Miller, Jr.

The U.S. Securities and Exchange Commission (SEC) has alleged that Aubin defrauded 20 investors of millions of dollars, with each investor losing $2 million or more. The victims of this Ponzi scheme include former Marines, small business owners, and retirees who believed they were investing with Aubin for high returns. However, Aubin misappropriated their funds on luxury cars, charter flights, and lavish European excursions.

The initial investigation into Aubin’s fraudulent activities was brought to light by GoLocalProv in September of 2024. In response to the SEC’s attempts to freeze his assets, Aubin’s attorney, Stephen Frank, argued that such actions were excessive. Frank, a prominent Boston lawyer with an extensive background in financial reporting, criticized the SEC’s asset-freeze request as disproportionate.

Judge F. Dennis Saylor, IV, who presided over the case, sided with the government in granting the TRO against Aubin. According to Judge Saylor, the SEC had met the necessary criteria for establishing its case against Aubin, his companies, and their alleged violations. The judge deemed that there was a reasonable likelihood of repeated violations, with defendants potentially concealing assets subject to penalties, justifying the asset freeze in the public interest. As part of the order, Judge Saylor specifically prohibited the sale of a property on Chalkstone Avenue controlled by Russell Miller.

The SEC has alleged that Aubin and Anchor State transferred funds from their fraudulent investment scheme to Relief Defendants Miller and Miller Property without a legitimate purpose. Aubin and Anchor State used approximately $370,000 from investor funds to purchase the property on Chalkstone Avenue and fund renovations. The property, which was listed for sale at $465,000, has since been removed from the market. Additionally, Ashley Corcoran, Aubin’s former girlfriend, has been implicated in the SEC’s case against Aubin and is a defendant in a civil lawsuit filed by eight alleged victims.

Furthermore, Miller, now represented by Rhode Island criminal attorney William Devine, has been mentioned in the SEC investigation for his involvement in the financial transactions related to Aubin’s fraudulent activities. Despite the freezing of Aubin’s assets and the prohibition of the property sale, the legal battle surrounding this Ponzi scheme continues to unfold.