Investment Losses

Carmel financial adviser accused of using faith to prey on victims

April 1, 2013
Associated Press
A central Indiana man banned from selling investments faces 10 securities fraud counts for allegedly using shared Christian beliefs to dupe clients out of more than $580,000.
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Judge says bank can pursue suit against broker

March 15, 2013
Scott Olson
A federal judge granted Peoples Bank a victory Thursday by ruling that it can sue Stifel Nicolaus & Co. on its claims that the broker violated the Indiana Securities Act and committed fraud.
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Lampoon: Durham used $1M from company to pay attorney

March 4, 2013
J.K. Wall
Film company once headed by Indianapolis financier Tim Durham says he transferred $1 million to his Indianapolis lawyer, John Tompkins, while fighting federal securities fraud charges.
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Carmel family members accused of securities fraud

February 26, 2013
Scott Olson
The Indiana securities division accuses Charles Blackwelder, Chad Blackwelder and Cara Grumme of defrauding elderly investors in a scheme to sell ownership interests in rental properties.
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Families sue to recover lost investments

February 1, 2013
Associated Press
A central Indiana county commissioner, his wife and members of three other families who lost more than $700,000 they invested in businesses state officials say were shell companies are suing two men accused of orchestrating the scheme.
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Lampoon paid for Durham’s defense, trustee alleges

January 23, 2013
Scott Olson
Fair Finance bankruptcy trustee Brian Bash, charged with recovering funds for Fair investors, alleges in a court filing that National Lampoon funded convicted Ponzi schemer Tim Durham's defense. Durham is a former CEO of the film company.
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REWIND: IBJ's top 10 business stories of 2012

December 26, 2012
Top 10 business stories of 2012 Watch
                           VideoThe state's labor landscape changed, and the housing market improved. Indianapolis basked in the glow of a flawless Super Bowl, and big-name CEOs were shown the door. IBJ's reporters and editors recall the year's biggest stories.
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Pliant Ohio regulators helped clear path for Durham's fraudRestricted Content

November 24, 2012
Greg Andrews
The Ohio Division of Securities allowed Fair Finance to register investment certificates even after the company stopped providing audited financials and Tim Durham drained more than $100 million from the firm through insider loans.
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Investor accused of defrauding burned-down church

November 8, 2012
Associated Press
Federal prosecutors have filed fraud charges against an investor who they say misspent nearly $400,000 that leaders of an Indianapolis church gave him as it tried to raise more money to rebuild from a fire.
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Church caught up in nightmare after life insurance scheme soursRestricted Content

October 27, 2012
Kathleen McLaughlin
The Lindberg Road Church of Christ in Anderson has filed for bankruptcy protection because of a failed plan to finance construction on its properties. The plan involved buying life insurance on elderly members, with the intent to sell the policies later on the secondary market.
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State going after underwriter of $5M Estridge offeringRestricted Content

October 20, 2012
Greg Andrews
The regulatory action is an outgrowth of a falling-out between Indiana Securities owner Frank Neese and Bank of Indiana, which lost its entire $1 million investment when The Estridge Cos. collapsed.
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SEC accuses local firm of bilking investors out of $1.7M

September 26, 2012
Scott Olson
The SEC’s complaint accuses three people of committing securities fraud by spending investor funds on luxury automobiles, a motorcycle, a 30-foot boat, college tuition, home renovations, a wedding and a honeymoon in St. Lucia.
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Former Durham exec ordered to pay $30,000

August 22, 2012
Scott Olson
Former Obsidian Enterprises Inc. President Terry Whitesell will pay the amount as part of a settlement agreement. A bankruptcy trustee representing investors of Fair Finance Co., owned by convicted financier Tim Durham, had sought more than $225,000 from Whitesell.
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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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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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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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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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Durham lawyer wants lifestyle out of trialRestricted Content

June 2, 2012
Greg Andrews
Tim Durham’s attorney is hellbent on preventing prosecutors from fixating on the things that made the Indianapolis financier a staple of TV news and gossip columns—his fancy cars, waterfront mansion and other trappings of a lavish lifestyle. Durham's trial is set to begin on Friday.
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JPMorgan Chase takes fire for 'hedge,' $2 billion loss

May 12, 2012
Associated Press
More than three years after the financial industry almost collapsed, the colossal misfire has been cited as proof that big banks still do not understand the threats posed by their own speculation.
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Hauke receiver files suit to recover $600K from Arizona investor

April 11, 2012
J.K. Wall
Attorney William Wendling will try to collect $1 million to $2 million from a handful of investors in Samex Capital Ponzi scheme.
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Ex-investment manager Hauke gets 10 years for fraud

March 23, 2012
Scott Olson
Keenan Hauke of Fishers, who pleaded guilty to securities fraud in December after costing hedge fund clients $7 million, received a 10-year federal prison sentence Friday morning.
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Teachers trust fund broker reaches settlement

March 13, 2012
David Karandos, a broker who advised the Indiana State Teachers Association Insurance Trust before it collapsed in 2009, has reached a settlement. Karandos agreed to a 75-day suspension from working in the securities industry and may pay up to $50,000 in restitution.
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Trustee seeks $1B from Fair Finance's lenders

February 8, 2012
Greg Andrews
Fair Finance Co.’s bankruptcy trustee finally has found some deep pockets to go after in his quest to recover money for the small-time Ohio investors who lost more than $200 million when the Tim Durham-led company failed two years ago.
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Latest Fair suits target Kato Kaelin, playmate, many others

February 7, 2012
Scott Olson
A former Playboy playmate, a well-known rapper and local businessmen are among the defendants in a barrage of lawsuits filed by a bankruptcy trustee trying to collect funds for investors of Fair Finance Co., the defunct Ohio firm led by Tim Durham.
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  1. Doug Henning!

  2. These guy were thugs — they grew up in freaking Haughville! Smh, sigh. If the mayor needs/wants "quality" Black Hoosiers who are NOT corrupt, give me a call — I know plenty. Land bank info here - http://www.kubepharm.com/indylandbank/IndyLandBank.html

  3. Magician and illusionist!

  4. The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.

  5. I did not move to Zionsville to live in Carmel. This and the subsequent developments to follow will ensure a vanilla uniformity of strip malls and apartment buildings as we seek to bring our town down to the least common denominator. We were warned before recent elections that pro-development council members would make sure their friends (landowners and developers) would be able to make their millions off of the exploitation of Zionsville. Why in God's name would we sell out the best preserved small town in the State of Indiana?

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