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FBI serves search warrants on Durham-owned companies

November 24, 2009
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The FBI on Tuesday afternoon executed search warrants at two companies led by high-profile executive Tim Durham—Indianapolis-based Obsidian Enterprises Inc. and Akron, Ohio-based Fair Finance Co.

FBI agents arrived at the headquarters of Obsidian, a leveraged-buyout firm, on the top floor of Chase Tower downtown around 3 p.m. and began going through documents and carrying them to two FBI trucks awaiting on Monument Circle.

Michael S. Welch, FBI special agent in charge in Indianapolis, said the agents were executing search warrants. But he said those warrants are sealed and that the FBI would not provide additional comment.

In an investigative story last month, IBJ raised questions about whether Fair Finance had the financial wherewithal to repay Ohio investors who had purchased nearly $200 million in investment certificates.

The story reported that since Durham bought the business in 2002, he had used it almost like a personal bank to fund a range of business interests, some of them unsuccessful. The story noted that he and related parties owe Fair more than $168 million.

This story will be updated at ibj.com.


 

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  • Shannon who?
    i don't recall any posts that talked about the last name of anyone so thanks for clarifying who you are talking about. The person you just posted about has her house up for sale and boy does she have ugly taste. I think you are a friend of hers or maybe even her because you sure seem sore. So y dontcha tell us where she got the $$$ for the house and Hummer?
  • shannon frantz
    who did the post on Shannon Frantz?I will bet you have been eagar to meet her,but you know she would not give you the time of day.
    • innocence
      WHAT HAPPENED TO INNOCENT UNTIL PROVEN GUILTY
    • Factless
      Jamie, are you jealous? Weird comment to make.
    • Would love to see
      But wheres the link?
    • Factless
      Jamie needs to get some facts straight before talking about good people.
    • Karma
      Here's Tim with Kato Kaelin, known for living at OJ Simpson's guest house, at a lavish party thrown by Tim last month, complete with professional makeup artists, photographers, etc. Poor Kato--he is actually a good guy who just seems to pick bad friends.

      Tim is the chubby guy with the red wig giggling away at being the big shot at the party cuz he was paying for everything. Hey Durham, ya smiling now? There are a lot of elderly people in Ohio who are a bit upset with you.

      I can't wait til the FBI forensic accounting team goes way back to where Durham got the funds to buy Brightpoint stock.
      • treasury secretary
        I hope this does not harm Tim Durham's chance to become the next Secretary of the Treasury of the United States of America.
      • Tim Durham- financing corruption
        Tim Durham donated over $100,000 to Carl Brizzi's campaign and currently "loaned" $200,000 to Tim Motsinger for his campaign.
      • Re
        For the creepster who just posted something about rape, keep it to the subject matter at hand. Tim Durham does not have trees that grow $100 bills in his back yard. The money for the yacht, GulfStreams, mansions, millions in cars, all of it came from the elderly Ohio residents life savings he has helped himself to.

        Carl Brizzi and Tim Motsinger have received hundreds of thousands in contributions from Tim Durham. Vote for Sgt. Mark Brown for Marion County Sheriff and let him clean up corruption in Indianapolis.
      • Really?
        How'd that rape trial turn out Porter?
        • Maybe he can pay the ones he OWES
          Like the people who sold AllModelZone.com, they were totally screwed and left in a financial mess because of him.
        • TD
          Maybe he can abandon a plane and fake his death..ha
        • is he under arrest
          Is he under arrest? Fraud is all over this town. he was/is chairman of republican county party funds which is also under investigation.

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          1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

          2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

          3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

          4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

          5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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