Banking & Finance

Bank says Durham had no right to sell Duesenberg

January 18, 2010
Greg Andrews
A legal brouhaha over the recent auction of a Duesenberg automobile by Tim Durham has taken a new twist, with Durham's bank charging the financier didn't have the right to sell the car in the first place.
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Ohio lawmaker wants Fair Finance owners' assets frozen

January 15, 2010
Greg Andrews
An Ohio congressman is upset the U.S. Attorney’s Office in Indianapolis isn’t seeking to freeze the assets of Fair Finance Co. owners Tim Durham and Jim Cochran.
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Brizzi silent on controversy as he opts against 3rd term

January 14, 2010
Greg Andrews
The written statement Carl Brizzi released Thursday saying he will not seek a third term as Marion County prosecutor makes no reference to the controversy surrounding his business and personal ties with embattled Indianapolis financier Tim Durham.
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Durham trailer-maker sued for nearly $1M

January 14, 2010
Greg Andrews
First Merchants Bank is seeking nearly $1 million from Tim Durham and his companies through a recently filed loan-default lawsuit.
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Durham's Fair Finance drops effort to sell securities

January 12, 2010
Greg Andrews
Ohio-based Fair Finance Co. told securities regulators this week that it is withdrawing its request for approval to sell an additional $250 million in investment certificates.
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Investors in failed Church Extension poised to recoup 70 percentRestricted Content

January 9, 2010
Greg Andrews
Professionals liquidating the not-for-profit have so far recovered nearly 68 percent of the $82 million owed investors.
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SKARBECK: Looking at stocks, 10 years at a timeRestricted Content

January 9, 2010
Ken Skarbeck
During this century's first decade, investors had to cope with the uncertainties surrounding 9/11; huge corporate failures including Enron, Worldcom, Fannie Mae, Freddie Mac, and Lehman Brothers; and volatility wrought by both the tech and housing bubbles.
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Johnson County woman guilty of securities fraud

January 7, 2010
Wanda Robertson was sentenced to eight years in prison, with four years suspended, after pleading guilty Wednesday.
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More than 1,100 attend Fair investor meeting

January 6, 2010
Greg Andrews
A meeting of Fair Finance Co. investors held Tuesday night at a northeast Ohio hotel drew an overflow crowd of 1,100 people.
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IBJ, Wall Street Journal seek unsealing of Durham records

January 5, 2010
Greg Andrews
Indianapolis Business Journal and The Wall Street Journal have joined the legal fight to unseal search warrant documents related to the federal investigation of businessman Tim Durham.
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Accountant files suit against former firm, partner

January 4, 2010
Scott Olson
A contentious split between two prominent accounting partners is getting even uglier after a lawsuit filed by one of them has the other pledging to counter sue.
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Some of city's most successful money managers are father-son teams

January 2, 2010
Peter Schnitzler
All parents hope to teach their kids the value of money. Few end up successfully investing hundreds of millions of dollars together. But for a handful of top local teams, wealth management is a family affair.
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Entrepreneur says quality of venture capital as important as quantity

January 2, 2010
 IBJ Staff
Jim Pearson knows a thing or two about raising money from venture capitalists. And he has some advice for BioCrossroads: Teach entrepreneurs the value of money.
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Would-be buyer: Durham double-dipped on Duesenberg deal

December 30, 2009
Andrea Muirragui Davis
Tim Durham struck a deal to sell a vintage Duesenberg for $1 million before auctioning off the same vehicle for $2.9 million, according to the small-town Michigan mayor who said he agreed to buy it.
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PNC battling to keep NatCity's private banking business

December 29, 2009
Scott Olson
PNC Financial is still digesting its $5.6 billion acquisition of National City Corp., but a quiet fight almost certainly is under way over its lucrative private banking clients.
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Stifel, Rokita reach settlement in auction-rate securities case

December 28, 2009
Peter Schnitzler
Agreement accelerates Stifel's repayment of $54 million in auction-rate securities sold to 142 Hoosier investors.
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Fair Finance's past gave investors, regulators false comfort

December 26, 2009
Greg Andrews
The Akron company had been meeting its obligations for decades before Tim Durham acquired it seven years ago.
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NEWSMAKER: High-flying exec Durham ensnared in probe

December 26, 2009
Greg Andrews
The U.S. Attorney's Office alleged in court papers that one of his businesses, Ohio-based Fair Finance Co., operated as a Ponzi scheme.
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Banks gobble TARP money, suffer losses

December 26, 2009
Peter Schnitzler
The housing meltdown and recession gave banks in Indiana and across the nation their biggest test in decades.
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Indiana banker meets with Obama, Geithner

December 23, 2009
Peter Schnitzler
Mark Schroeder, CEO of Jasper-based German American Bancorp, was one of just 12 community bankers who talked shop Tuesday with the president and Treasury secretary.
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First Indiana Future Fund off to a slow startRestricted Content

December 19, 2009
Peter Schnitzler
More than half of the venture capital fund's original investors took a pass on its $58 million successor, the newly launched INext.
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Buyer of prized Durham Duesenberg alleges fraud

December 19, 2009
Greg Andrews
A Virginia businessman is suing Tim Durham, alleging he and other defendants manipulated the September auction of a 1930 Duesenberg that sold for $2.9 million.
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Indianapolis Airport Authority credit rating holds steady even as revenue falls

December 19, 2009
 IBJ Staff
Indianapolis has fared better than some airports in terms of declining revenue, with passengers down about 10 percent for much of the year and revenue off 16 percent at one point.
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Newspapers seek to unseal Durham search warrants

December 17, 2009
Greg Andrews
Daily newspapers on Thursday filed a motion seeking to unseal search warrant documents related to the federal investigation of Indianapolis businessman Tim Durham and Akron, Ohio-based Fair Finance Co.
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New BioCrossroads venture fund raises $58 million

December 16, 2009
Peter Schnitzler
The new INext fund is the successor to the $73 million Indiana Future Fund, which the life science initiative raised in 2003.
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