Investing

Judge orders Durham, Cochran jailed until sentencing

June 25, 2012
Cory Schouten
Convicted Ponzi schemers Tim Durham and James Cochran will be held in a federal prison until sentencing, while accomplice Rick Snow will be confined under home detention, under an order issued Monday afternoon by U.S. District Judge Jane E. Magnus-Stinson.
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Outlook improves for Fair Finance investors

June 23, 2012
Greg Andrews
A New York firm is contacting Fair Finance Co. investors seeking to purchase their bankruptcy claims—a sign of growing optimism that investors in the defunct business will secure a sizable recovery.
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Durham found guilty on all counts

June 20, 2012
Cory Schouten
U.S. Attorney Joseph Hogsett hailed the jury's decision, calling the case "the most significant piece of litigation the Southern District has seen in a generation." Tim Durham and co-defendants Jim Cochran and Rick Snow were handcuffed and taken to the Marion County Jail.
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Mainstreet Property affiliate stages $110M IPO

June 20, 2012
 IBJ Staff
Mainstreet owns 18 percent of HealthLease Properties Real Estate Investment Trust, which sold 11 million shares of stock at $10 each. The stock began trading Wednesday morning on the Toronto Stock Exchange under the ticker HLP.UN.
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Durham trial closing arguments provide clashing accounts

June 20, 2012
Cory Schouten
The prosecution described Tim Durham as "the mastermind" of a Ponzi scheme, while partner Jim Cochran acted as the front man who lied "to people's faces," and Chief Financial Officer Rick Snow served as the "backroom numbers guy."
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Defense rests in Durham trial without defendants testifying

June 19, 2012
Cory Schouten
Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
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Prosecution rests after testimony from Fair Finance trustee

June 18, 2012
Cory Schouten
Attorneys for Tim Durham and his co-defendants are expected to start their defense Tuesday morning and wrap it up in the afternoon. The jury is expected to begin deliberations Wednesday.
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Durham prosecutors wrap case with details on asset transfer

June 18, 2012
Greg Andrews, Cory Schouten
In the weeks before an FBI raid shut down Fair Finance Co., top company executives led by Indianapolis financier Tim Durham devised a last-ditch maneuver they hoped would persuade Ohio regulators to allow them to keep selling investment certificates.
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Fair Finance CFO staying out of prosecutors' crosshairsRestricted Content

June 16, 2012
Greg Andrews
Rick Snow, Fair Finance Co.'s former chief financial officer, isn't accused of collecting insider loans like co-defendants Tim Durham and Jim Cochran. But he's facing the same felony charges.
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SKARBECK: Merger lawsuits common, but investors seldom benefitRestricted Content

June 16, 2012
Ken Skarbeck
The filing of merger lawsuits is so predictable that many acquiring companies factor in class-action legal costs as a form of “transaction tax” to get their deals done.
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Durham trial: Auditor expected problems at Fair Finance

June 15, 2012
Cory Schouten
The accounting firm Tim Durham hired to review the Ohio company’s 2003 finances refused to complete an audit because of concerns about the accuracy of its numbers and the appropriateness of its practices. The FBI raided Fair Finance in November 2009.
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AUDIO: Wiretaps capture Durham, co-defendants scrambling

June 15, 2012
Greg Andrews, Mason King, Cory Schouten
Durham wiretap audio video
                           iconA series of government-recorded phone calls have provided some of the most riveting courtroom moments during the fraud trial of Tim Durham and two co-defendants.
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Trial evidence shows desperation in Fair Finance's final days

June 14, 2012
Cory Schouten
The men who presided over Ohio-based Fair Finance were at their wits end by late 2009. In government-recorded phone calls and intercepted e-mails introduced as evidence in U.S. District Court this week, they come across as exhausted, angry and determined.
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Durham prosecutors ask to admit IBJ story as evidence

June 14, 2012
Cory Schouten
Federal prosecutors in the Tim Durham fraud trial on Wednesday sought to introduce into evidence an IBJ investigative report from October 2009, but a judge agreed with a defense attorney and denied the request.
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VIDEO: Fair Finance investor's family lost $475K

June 13, 2012
Cory Schouten
Durham Russell
                           watch videoDonald Russell, a retired deputy sheriff, is among the more than 5,000 clients of Fair Finance who lost big investments with the Ohio firm. After testifying on Tuesday during the fraud trial for Fair owner Tim Durham, he shared his story with IBJ.
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No lockstep defense strategy for Durham co-defendants

June 13, 2012
Cory Schouten
Tim Durham and his co-defendants in the fraud case involving Fair Finance sit on the same side of the courtroom, but that doesn't mean their interests are always aligned.
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State securities regulators strike deal with E-Trade

June 13, 2012
 IBJ Staff
The Indiana Securities Division has finalized a settlement with financial-services firm E-Trade following accusations that the company misled Hoosier investors about the safety of auction-rate securities, Secretary of State Connie Lawson said Wednesday.
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Durham trial: Fair Finance controller details cash crunch

June 12, 2012
Cory Schouten
The former controller at Fair Finance is testifying at the fraud trial of Tim Durham as a star witness for the federal government in exchange for immunity from prosecution.
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Donald Fair leads off government's case against financier Durham

June 11, 2012
Cory Schouten
The man whose father founded Ohio-based Fair Finance during the Great Depression led off the government's case on Monday against the Indianapolis men accused of looting the company and leaving its investors with $200 million in losses.
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Judge, attorneys in Durham trial look for jurors untainted by media reports

June 8, 2012
Cory Schouten
A federal judge and a handful of attorneys are selecting jurors who could determine the fate of indicted financier Tim Durham and his co-defendants. The jury-selection process, which began Friday morning, launched what's expected to be a three-week trial over alleged wire and securities fraud.
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Dead fugitive from central Indiana defrauded hundreds

June 4, 2012
Associated Press
Oregon authorities say 62-year-old Phillip Ferguson died last week from a gunshot wound to the head soon after fleeing from two officers and an FBI agent. Ferguson vanished in 2000 after being accused of bilking more than 600 investors out of $30 million.
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U.S. stock market plunges after dismal jobs report

June 1, 2012
Associated Press
A dismal U.S. jobs report and other evidence of a global economic slowdown clobbered U.S. stocks Friday.
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E&A buttered by $125M sale of Udi's to Smart Balance

June 1, 2012
Chris O'Malley
Indianapolis investment firm E&A Industries is cashing out of its majority stake in Udi’s Healthy Foods LLC by selling the Denver-based food company to margarine maker Smart Balance Inc. for $125 million.
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Indiana official warns against new investment tool

May 30, 2012
Associated Press
Indiana's secretary of state is urging investors to thoroughly vet new online investment operations coming under a new federal law.
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Pacers owner teams with Smulyan to buy Emmis stock

May 21, 2012
A partnership of Herb Simon and Jeff Smulyan filed plans to buy up to an additional 1 million shares of Emmis Communications Corp. at no more than $2 apiece.
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