IBJNews

Fair Finance trustee to continue pursuit into 2014

Back to TopCommentsE-mailPrintBookmark and Share

The bankruptcy trustee charged with recovering money for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into 2014.

“We are continuing to move forward on all cases and collect any assets that there may be,” Brian Bash said this week during a Fair Finance bankruptcy hearing in Ohio, according to the Akron Beacon Journal.

Bash, the Ohio-based lawyer spearheading the recovery efforts, is three years into the scorched-earth legal assault on former Fair CEO Tim Durham, other company insiders and Durham’s friends and business associates.

About 5,300 Ohio investors lost more than $200 million when the Ponzi-scheme-fueled company collapsed in 2009. Durham and two associates also based in Indianapolis were sentenced in November on criminal fraud charges relating to Fair’s demise. Prosecutors charged that Durham looted the company to fund a lavish lifestyle and support other failing businesses he owned.

Durham is serving a 50-year prison term, business partner Jim Cochran received a 25-year sentence, and former CFO Rick Snow was sentenced to 10 years.

Lawsuits filed by Bash and an army of attorneys have resulted in default judgments totaling nearly $200 million, the Beacon Journal reported earlier this week. But so far none of that money has been recovered and returned to investors.

According to Bash’s June report to the court, default judgments totaled $193,671,716.28. They included more than $144 million granted May 28 against Durham and Cochran, the newspaper reported. Bash is evaluating recovery options and deciding how to proceed with collection actions against Durham and Cochran.

The June report said Bash has done an asset search of Durham, found property, and was using information from the examination “to evaluate other recovery options.” Bash said he is negotiating with “certain individuals” interested in buying some assets that belong to Durham or to the Fair Finance estate, according to the report.

All of IBJ's coverage of Tim Durham and Fair Finance can be found here.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

ADVERTISEMENT