IBJNews

Still hoping to sell securities, Fair Finance seeks extension

Back to TopCommentsE-mailPrintBookmark and Share

Tim Durham’s Fair Finance Co. says it needs another 30 days to provide the state of Ohio with a mountain of documents it requested relating to insider loans and other issues.

The company is continuing to seek clearance from Ohio securities regulators to sell a new round of investment certificates. The Akron, Ohio-based firm is pressing ahead despite allegations by the U.S. Attorney’s Office in Indianapolis that the company is operating like a Ponzi scheme, using revenue from the sale of new certificates to pay off earlier rounds of investors.

The Ohio Department of Commerce’s Division of Securities has twice turned Fair away, saying it would need additional information before deciding whether to allow the company to sell $250 million in additional certificates.

The Division of Securities on Dec. 3 called the company’s latest application “incomplete and inadequate” and gave Fair until this past Friday to provide a mountain of additional information.

But instead of providing the information, Ronald Kaffen, a securities attorney representing Fair, sent a letter to the division on Friday seeking the extension.

Kaffen said Fair needed the extra time because it is only now getting computers and servers back from the FBI, which seized the equipment and company documents during Nov. 24 raids in Indianapolis and Akron.

Fair’s prior registration, from July 2008, expired that same day, forcing it to suspend sales of investment certificates. The company has not reopened since, spurring anxiety among the Ohio residents who have purchased about $200 million in Fair certificates. In a press release on Friday, the company said it “still not determined when or if it will be able to resume regular business with regard to the sale and redemption of investment certificates."

In a late October investigative story, IBJ reported that since Durham bought Fair Finance from Donald Fair 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 Durham and related parties owed Fair more than $168 million, and it questioned whether the firm had the financial wherewithal to repay purchasers of investment certificates.

Dennis Ginty, a spokesman for the Division of Securities, said it will grant the 30-day extension.


 

ADVERTISEMENT

  • Just Like Me!
    If Duram Stinks Like Me, and Talks Like Me- he will Probably be in Bankruptch, just like my many Trump-Named companies. Once a Snake- always a Snake! Bite Me Durham!
  • Just Like Me!
    If Duram Stinks Like Me, and Talks Like Me- he will Probably be in Bankruptch, just like my many Trump-Named companies. Once a Snake- always a Snake! Bite Me Durham!
  • F rating from Akron BBB
    http://akron.bbb.org/codbrep.html?wlcl=y&id=1316
  • jim...
    Is that English? Hopefully you were drunk (at 5:41 in the evening) and not just stupid.
  • unfair finance
    ha! read the other that the bbb has got complaints from people saying fair is wanting there money,"payments" trying to increase many!! maybe they should tell durham that first
    • ...
      Ohio isn't going to let Durham issue another certificate in his lifetime. This episode has not just burned their regulators, it has scorched them and probably greatly narrowed the path for anyone ever hoping to raise money via investment certificates again.
    • One Born Every Minute
      Now let's just suppose Durham convinces Ohio to let him issue another round of certificates. Who is going to buy them?

    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. Angela IS the best RD

    2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

    3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

    4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

    5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

    ADVERTISEMENT