Banking & Finance and Investing and Tim Durham

Fair Finance press release leaves investors hanging

December 11, 2009

Tim Durham's Fair Finance Co. said in a press release this morning that it is in the process of getting its computers back from the U.S. Attorney's Office and "anticipates that it will be able to resume regular billing and collection efforts."

However, that side of the business involves collecting money due on loans taken out by other parties. The release offered no assurances that the Ohio residents who have loaned Fair more than $200 million by purchasing short-term investment certificates will be able to collect what they're owed.

"Fair has still not determined when or if it will be able to resume regular business with regard to the sale and redemption of investment certificates," the statement said.

The company has been shut down since Nov. 24, when FBI agents seized records and computer equipment at Durham's Indianapolis office and at Akron, Ohio-based Fair. That same day, the U.S. Attorney's Office in Indianapolis filed court papers alleging that Fair had been operating like a Ponzi scheme, using money from the sale of new investment certificates to pay off earlier rounds of investors.

In the release, Fair said it hopes to establish a help line for purchasers of investment certificates in the near future.

 

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