Fraud

Durham art auction offers hope for Ohio investors

October 13, 2010
Cory Schouten
The eclectic art collection of disgraced financier Tim Durham will hit the auction block Saturday in a sale that could help restore a small portion of the money lost by investors in Ohio's Fair Finance.
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Schrenker sentenced to 10 years for securities fraud

October 7, 2010
Associated Press
Hamilton Superior Court Judge Steven Nation sentenced Marcus Schrenker to 10 years in prison, ignoring Schrenker's claims that a lighter sentence would give him enough time to make things right.
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Ex-IU hoops player Leary avoids prison time in fraud

October 4, 2010
Associated Press
Former Indiana University basketball player Todd Leary was sentenced Monday to two years of work release or home detention followed by two years on probation. He still faces theft and burglary charges in Hamilton County in a separate case.
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Bank suing Estridge Cos. for securities fraud

September 16, 2010
Scott Olson
Bank of Indiana files complaint against the home builder, alleging it failed to repay a $1 million investment due June 30. The complaint further accuses law firm Krieg DeVault LLP of malpractice and breach of fiduciary duty.
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Defendant pleads guilty in $880M fraud case

September 15, 2010
 IBJ Staff and Associated Press
A Florida man with ties to the founder of Indianapolis-based Williams Realty Group pleaded guilty Wednesday to running a multistate Ponzi scheme that prosecutors say left investors with up to $100 million in losses.
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Former bank exec receives 22-month sentence

September 9, 2010
Robert E. Tolle pleaded guilty Thursday in federal court of making fraudulent bank entries while serving as a loan officer at the Indianapolis office of Evansville-based Old National Bank.
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Dan Laikin sentenced to 45 months in Lampoon fraud

September 8, 2010
Greg Andrews
The sentence was short of the 60-month maximum Laikin could have received under a plea agreement worked out with federal prosecutors last fall.
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Plea hearing set for defendant in $880M fraud case

August 23, 2010
Associated Press
Prosecutors say 41-year-old Miami Beach resident Nevin Shapiro left at least 60 investors in Florida, Indiana and New Jersey with about $80 million in losses after his Ponzi scheme collapsed.
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Is University Loft's rival going on attack again?Restricted Content

August 21, 2010
Greg Andrews
The Greenfield furniture-maker has an acrimonious history with California-based Furniture by Thurston.
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Fair Finance trustee finds lots of debts, few assets

August 14, 2010
Greg Andrews
Tim Durham, Fair’s co-owner and CEO, burned through staggering sums on a lavish lifestyle, loans and gifts to friends, and loans to businesses he partly owned that performed dismally.
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Tim Durham closes New Castle restaurant

August 13, 2010
Greg Andrews
A sign on the door of Durhams Ristorante says the moderately priced Italian eatery will be "closed until further notice."
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Schrenker to plead guilty to securities fraud

August 12, 2010
 IBJ Staff and Associated Press
A former money manager convicted of trying to fake his own death in a Florida plane crash last year has agreed to plead guilty to securities fraud charges in Indiana. Marcus Schrenker would face 10 years in prison.
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Judge refuses to unseal Fair Finance search warrants

August 10, 2010
Greg Andrews
Judge Sara Lioi ruled the right of access to search warrant records connected with an ongoing investigation is “not absolute” and not justified in this case.
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Trustee pressing Daniels, others to return Durham's donations

August 5, 2010
J.K. Wall
Trustee Brian Bash has sent letters to politicians who he says received a total of $900,000 in funds Durham had borrowed from the coffers of Fair Finance, a now-bankrupt investment firm based in Ohio.
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Trustee: Durham used Fair funds for gambling, donations

August 3, 2010
Greg Andrews, Associated Press
The bankruptcy trustee said Durham spent $2.8 million on gambling and resorts, $3.3 million on interior decorating and $14 million on real estate.
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Feds: Texas pastor misused loan for Indiana church

July 27, 2010
Associated Press
A Houston minister accused of using money borrowed to build a new church to buy a mink coat and a Mercedes Benz missed his initial hearing in Indianapolis on Tuesday.
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Banker who wreaked havoc fesses up to felony charge

July 17, 2010
Greg Andrews
Overseeing a portfolio filled with deteriorating loans is downright excruciating, as lending officers who’ve lived through the carnage of the recession can attest. Rob Tolle apparently cracked under the pressure.
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Ex-Indiana University player Leary pleads guilty in fraud

July 16, 2010
Associated Press
Todd Leary of Carmel pleaded guilty in court Thursday to a felony charge of misappropriating title insurance escrow funds. His agreement with prosecutors calls for him to face up to three years in prison, with that cut in half if he pays nearly $295,000 in restitution.
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Trustee sues real estate exec for $115M

July 10, 2010
Cory Schouten
The founder of an Indianapolis real estate firm is accused of preying on longtime friends to help a Miami man perpetrate a $900 million Ponzi scheme. Sydney “Jack” Williams persuaded more than a dozen Indiana investors to lend millions of dollars at high interest rates to a food brokerage firm called Capitol Investments USA Inc.
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Ex-owner of cemeteries gets prison time

July 8, 2010
Associated Press
Robert Nelms, ex-owner of cemeteries in four states, including Indiana, has been sentenced to between 32 months and 10 years in prison for embezzling $4.2 million from a Grand Rapids cemetery.
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Former loan officer charged with falsifying documents

July 6, 2010
Prosecutors say Robert Tolle falsified a construction progress inspection report while at Old National Bank. He faces a maximum 30-year prison sentence and $1 million fine.
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FBI scoops up Tim Durham's car collection

June 30, 2010
Greg Andrews
An agreement with Durham's attorney paved the way for FBI agents to pick up 18 cars from Durham's residences in Indianapolis and Los Angeles.
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Durham attorney blasts FBI after vehicle seizures

June 25, 2010
Greg Andrews
Embattled financier Tim Durham's lawyer, Larry Mackey, said the FBI should have known a bankruptcy trustee had the titles. An attorney for the trustee said investigators were aware.
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Shelbyville man sentenced for ripping off employer

June 17, 2010
John K. Branam was sentenced to 57 months in prison after pleading guilty to embezzling $1.6 million over four years from King’s Title & Abstract Co.in Shelbyville.
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Local funeral home operator in Michigan jail

May 10, 2010
Robert Nelms will spend at least a month in jail until the sale of Memory Gardens Management Corp. is complete. He is awaiting sentencing in Michigan and faces up to three years in prison.
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  1. This is still my favorite Mexican restaurant in town. What I do love about the new version is it is much quieter than the most recent version. TV's were off, the music wasn't too loud, and the wait staff were not hyperactive like they had been the past few times I had been there. I just wish they would bring back the MOLE for the enchiladas!

  2. Not a bad paper. There is a need for local community news and city government issues. Don't really need the owner's constant national political rants. We all know where they stand by now.

  3. What nice people. Menard should've known better than to team up with the guy who robbed and drove Conseco to ashes. I'm surprised Timothy Durham isn't involved in this.

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  5. It is beyond me how anyone can think this was a "bad deal" for the state! If they could take the money back then, yes, but they can't! Protections were built in the agreement. Now, if they roll the roads up and take them away, I will agree that it was a bad deal. Otherwise, the only way to have paid for the infrastructure that was badly needed was for the state to issue bonds....that is a four letter synonym for debt folks!!

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