Investment Losses

Ball State hires prosecutor to review investment fraud

July 11, 2014
Associated Press
Indianapolis attorney Deborah Daniels will scrutinize what happened to $13.1 million.
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Durham victims wait and wait, as quest for cash continues

July 5, 2014
Greg Andrews
The bankruptcy trustee who has been trying to scrape together money for victims of Indianapolis financier Tim Durham’s Ponzi scheme just struck two lawsuit settlements that underscore the daunting obstacles he faces.
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Ball State fraud involved failed internal controls

June 25, 2014
Associated Press
Ball State Treasurer Randy Howard told The Star Press he doesn't know whether that failure involved deception by anyone at the university, lack of due diligence or both.
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Second man serving time in Ball State fraud scandal

June 17, 2014
Associated Press
A Brooklyn, N.Y., man was sentenced to three years in prison for his role in an investment fraud scheme that cost Ball State University $13.1 million.
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Ball State bilked in 2nd scheme for $5 million

June 16, 2014
Associated Press
Ball State University lost $5 million in an investment fraud scheme in addition to the $8.1 million scheme announced last week.
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Ponzi scheme leader gets 10 years in prison

June 10, 2014
 IBJ Staff
Rudolf "Rudi" Pameijer, a former Johnson County insurance agent who pleaded guilty to scamming $1.8 million from two dozen investors, was sentenced Monday to 18 years in prison, with eight of those years suspended.
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Adviser who swindled Ball State out of $8M gets 4 years

June 6, 2014
Bloomberg News
Seth Beoku Betts persuaded the university to give him money to invest in collateralized mortgage obligations. His attorney say he lost the money through bad investments, but prosecutors say he spent much of it on himself, including buying a $1.5 million home in Florida.
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'Local' firm played role in alleged pump-and-dump schemeRestricted Content

March 22, 2014
Chris O'Malley
An investor-relations firm founded by an Indianapolis native allegedly helped insiders of a biotech firm to hype its stock on financial sites, then sell their own shares on the bump.
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Cash-strapped Fair Finance CFO agrees to $50M settlementRestricted Content

January 11, 2014
Greg Andrews
An attorney for Rick Snow says the executive agreed to the deal because he lacked the money to fight the suit, not because he actually has the money.
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Indianapolis-based hedge funds subject to market forces, too

January 4, 2014
Chris O'Malley
Five years after the crash, the luster of hedge funds isn't what it used to be.
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Fair bankruptcy judge issues $33M verdict against Dan Laikin

October 25, 2013
Greg Andrews
The case stems from a line of credit the Indianapolis businessman received from Tim Durham's Fair Finance Co. Attorneys for the failed company said Laikin amassed tens of millions of dollars in debt he never repaid.
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Poll: Half of older workers delay retirement plans

October 14, 2013
Associated Press
Some 82 percent of working Americans over 50 say it is at least somewhat likely they will work for pay in retirement, according to a poll released Monday.
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Indiana sues estate of alleged Ponzi schemer

October 3, 2013
Associated Press
The state has gone to court to freeze the assets of the estate of a dead Kokomo investment adviser so the money can provide possible restitution to victims of a Ponzi scheme who might include former National Football League players.
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Menard fires back in court fight with Hilberts

September 7, 2013
J.K. Wall
Menard has countersued Tomisue Hilbert for “abuse of process,” saying she filed her lawsuit only after companies controlled by Menard removed the Hilberts as managers of a private equity firm and sued to recover millions of dollars in fees paid to the Hilberts.
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Omnicity lured teen to invest, state saysRestricted Content

August 31, 2013
Chris O'Malley
State securities regulators allege that principals of Omnicity Corp. goaded a 19-year-old to invest $100,000 from his inheritance into the wireless broadband firm so that it could clinch the purchase of an Ohio carrier in 2010.
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State pension fund's performance falls short of targetRestricted Content

August 31, 2013
Kathleen McLaughlin
With more money in bonds than in publicly traded stocks, Indiana’s $27.1 billion pension fund took a beating in the Bernanke sell-off and closed the fiscal year short of its targeted return.
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Hauke fraud victims to get $1M in initial restitution

August 30, 2013
 IBJ Staff
Former money manager Keenan Hauke was sentenced in July 2012 to 10 years in federal prison after pleading guilty to running a Ponzi scheme that defrauded 67 investors of $7.1 million. Even more victims have emerged since the sentencing.
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SEC charges Noblesville man in $6M investment scheme

August 26, 2013
 IBJ Staff
John K. Marcum, 49, portrayed himself as a trader and asset manager to raise more than $6 million from at least 37 investors in six states through his company, Guaranty Reserves Trust, the SEC alleges.
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Faithful are victims at both ends of church scam

July 24, 2013
Associated Press
Nearly a decade after the government took over an Indiana brokerage firm whose leaders scammed more than 10,000 devout investors out of millions of dollars, officials are still trying to get their money back without forcing congregations out of their houses of worship.
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Feud with Hilberts stinging Menard on many levels

June 22, 2013
-Greg Andrews
Throwing the sexual-extortion allegations into the public domain must be a nightmare for Menard, who for decades has doggedly avoided scrutiny of his personal life—even as he built his chain into the nation’s No. 3 home improvement retailer and built his net worth to an estimated $7 billion.
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Fair Finance trustee to continue pursuit into 2014

June 21, 2013
 IBJ Staff
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
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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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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

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