Banking & Finance

Ohio balks at Fair Finance's latest effort to register securities

December 4, 2009
Greg Andrews
Ohio securities regulators have asked for a mountain of additional information from Tim Durham's Fair Finance Co. that they say they would have to evaluate before deciding whether to allow the company to resume the sale of investment certificates.
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Indiana University launches $10M seed fund

December 4, 2009
Peter Schnitzler
The Innovate Indiana Fund will invest $5 million over the next five years to commercialize IU technologies and another $5 million to help IU-affiliated startups get off the ground.
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State sues teachers' union for securities fraud

December 2, 2009
J.K. Wall
The Indiana Secretary of State's securities division says Indiana State Teachers Association can't account for $23 million intended for school districts, requests assets be frozen.
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Clarian Federal Credit Union acquires Community Choice

December 2, 2009
 IBJ Staff
The combined firm will have more than 8,700 members and more than $20 million in assets.
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SEC probing Durham deal with Texas firm

December 1, 2009
Greg Andrews
A Texas company acknowledged Tuesday that the SEC is investigating transactions between it and Tim Durham's Fair Finance Co.
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Feds drop Durham asset-seizure suit

November 30, 2009
Greg Andrews
The federal government on Monday morning dropped a high-profile civil lawsuit seeking to seize Tim Durham's assets after receiving assurance they wouldn't vanish.
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Fair Finance offices fail to reopen

November 30, 2009
Greg Andrews
Fair Finance Co. remained closed Monday morning, adding to the anxiety of Ohioans who have purchased about $200 million of the company's investment certificates.
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Feds seek seizure of Durham's assets

November 28, 2009
Greg Andrews
The federal government has filed court papers seeking forfeiture of Tim Durham's property, including his 30,000-square-foot Geist home, another home in Los Angeles and his 2008 Bugatti sports car.
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Disclosures key to feds' probe of Durham's Fair Finance

November 28, 2009
Greg Andrews
Any case federal prosecutors pursue against Tim Durham or his associates likely would revolve around what his Fair Finance Co. disclosed—or didn’t disclose—to potential investors, legal observers said.
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Former Huntington National Bank exec alleges age discriminationRestricted Content

November 28, 2009
Peter Schnitzler
Michael Lewis, 53, filed a complaint with the Indianapolis office of the U.S. Equal Employment Opportunity Commission Aug. 13 and sued Huntington Oct. 15 in Marion Superior Court.
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Brizzi dropped plan to serve on board of Durham company

November 25, 2009
Greg Andrews
Marion County Prosecutor Carl Brizzi said he agreed this fall to serve on the board of Tim Durham’s Fair Finance Co., but changed his mind several weeks later after Durham told him a newspaper was working on an investigative story about the company.
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UPDATE: FBI searches Durham-owned company offices

November 24, 2009
Greg Andrews
Ohio securities regulators say Tim Durham's Fair Finance Co. won't be permitted to sell additional investment certificates unless it satisfactorily answers a series of questions about the company's ability to pay them back.
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FBI serves search warrants on Durham-owned companies

November 24, 2009
The FBI on Tuesday 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.
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Falling property prices fuel new wave of bank woes

November 21, 2009
Peter Schnitzler
The second and third quarters were brutal for Indiana banks, as they set aside big reserves to cover losses on commercial real estate loans.
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Debt-shedding efforts start to pay off for BrightpointRestricted Content

November 21, 2009
Greg Andrews
The wireless phone wholesaler had survived two prior recessions and recognized the spoils in tough times go to companies with the strongest balance sheets.
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RELLER: Refinancings likely to undermine prices for commercial real estateRestricted Content

November 21, 2009
Ross Reller
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
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Top local money managers hedge against stagflationRestricted Content

November 21, 2009
Peter Schnitzler
Faced with the potential for another bout with stagflation, investment managers are scrambling to decide how to face a future when markets may again be thrown into turmoil by the two-headed monster of frisky price increases and crummy economic conditions.
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Some observers fear return of rising prices, stagnant growthRestricted Content

November 21, 2009
Peter Schnitzler
In the 1970s, stagflation—the unprecedented combination of stagnant economic growth and inflation—threatened to ruin financial institutions. Now some fear it might make a return.
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Local SBA lending dropped 17 percent in 2009

November 20, 2009
Mason King
Local loans issued through the Small Business Administration's popular 7(a) guarantee program plunged by an astonishing 64 percent for three of the city's four largest banks during 2009, while overall lending in the program slipped 17 percent in the metro area.
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NatCity name to remain at local branches until early 2010

November 16, 2009
 IBJ Staff
Pittsburgh-based PNC Financial Services Group Inc. has converted 240 former National City Bank branches to their new identity, but the 77 Indianapolis-area locations will keep the old brand for a bit longer.
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Rokita builds rep as tough enforcer of securities lawsRestricted Content

November 14, 2009
Peter Schnitzler
Secretary of State Todd Rokita has relied on fines and fees to greatly increase his office's firepower without a tax hike.
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Indiana bank CEOs get bigger pay hike than peers

November 14, 2009
 IBJ Staff
For banks, the last two years have been among the most tumultuous in history. Financial institution CEOs across the country responded by trimming their raises in 2009. But in Indiana, bank chiefs didn’t follow form.
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SKARBECK: Getting a good price hinges on stock's valueRestricted Content

November 14, 2009
Ken Skarbeck
Making investment decisions based on where a stock price has been in the past or betting on where it may go in the future is futile and foolish unless the investor has determined the value of the stock.
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National, state foreclosure filings fall

November 12, 2009
 IBJ Staff and Associated Press
Indiana foreclosure filings were down only 1.5 percent in October from the previous month, but have fallen a whopping 18.5 percent from October 2008.
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Local man gets 37 months in mortgage-fraud scheme

November 10, 2009
Cory Schouten
A federal judge has ordered an Indianapolis man to serve 37 months in prison and pay $1.7 million in restitution for his role in a massive mortgage fraud scheme.
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  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

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