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Investment Losses
Feds go after Fair Finance CFO, despite murkier motive
March 26, 2011
Greg AndrewsUnlike the other defendants, Fair Finance executive Rick Snow isn’t accused of tapping the company for a bevy of loans,
then failing to repay the money.
MoreConvictions likely in federal Fair Finance case
March 19, 2011
Scott OlsonDefense attorneys representing indicted businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co.
could have a hard time convincing a jury to find them innocent. Federal prosecutors won 94.1 percent of their cases in 2009.
MoreDecade-old Heartland fraud case nearing end
March 15, 2011
Scott OlsonThe receiver appointed in the case is distributing the last of $2.6 million in assets he recovered from the $29 million investors
lost in the Ponzi scheme.
MoreSKARBECK: Reaching too far for yields may have consequences
March 5, 2011
Ken SkarbeckInvestors eager to capture return are frequently attracted to investments that offer high yields. But before leaping into
them, they should remember the useful idiom: “There is no free lunch.”
MoreE-mails suggest Fair Finance was on life support for years
February 26, 2011
Greg AndrewsEmails filed as exhibits in the Chapter 7 bankruptcy case of Fair Finance Co. this month strongly suggest company insiders
knew years before Fair collapsed that it was in dire straits.
MoreDurham car collection fetches $2.2M
January 22, 2011
Greg AndrewsA 1929 Duesenberg once driven by Elvis Presley garnered the largest price—$1.237 million.
MoreTim Durham's exotic cars hit auction block
January 21, 2011
Greg AndrewsFair Finance Co.'s bankruptcy trustee scheduled the Friday auction to raise money for creditors of the defunct company, including
more than 5,000 Ohio residents who hold more than $200 million in unsecured investment certificates.
MoreTiny bank claims Stifel Nicolaus duped it on securities
January 10, 2011
J.K. WallThe Peoples State Bank of Ellettsville says it was duped three years ago into investing more than $13 million into auction-rate
securities just before those markets froze up. Now it's suing its broker, Stifel Nicolaus & Co., to get the money back.
MoreDeveloper who drew friends into Ponzi reaches $1M deal
January 8, 2011
Greg AndrewsSydney "Jack" Williams, founder of Williams Realty Group, recruited dozens of investors, many with Indiana ties,
to invest in a Florida business that turned out to be a giant fraud.
MoreCOAN: Stocks will get worse before they get better
November 20, 2010
Paul CoanLooking at the final years of the Great Depression tells me that next year might not be so kind to investors.
MoreIndianapolis investment adviser Gene Tanner in it for the long haul
November 20, 2010
Norm HeikensAt 78, L. Gene Tanner is one of the longest-serving investment advisers working in Indianapolis. Tanner spoke with IBJ's
Norm Heikens about why he shifted to City Securities, his brush with convicted Ponzi scheme operator Bernard Madoff, and how
his investment strategy has changed.
MoreGold is booming, but for how long?
November 20, 2010
Marc D. AllanExperts are split over whether runup in precious metal is a classic bubble.
MoreHome Loan Bank sues over losses on $3B mortgage portfolio
November 18, 2010
Cory SchoutenThe Federal Home Loan Bank of Indianapolis is suing some of the nation’s largest financial institutions to recover losses
on a $3 billion portfolio of mortgage-backed securities.
MoreRecovery from Schrenker likely to be only 7 percent
October 25, 2010
Associated PressA report by the receiver appointed to document Marcus Schrenker's assets says he just doesn't have enough money to repay investors
more than that.
MoreOneAmerica dodged crisis, now reaps rewards
October 9, 2010
Greg AndrewsThe Indianapolis-based life insurer's investment portfolio held up through the recession, and the company reported record
revenue and profit in 2009.
MoreSchrenker sentenced to 10 years for securities fraud
October 7, 2010
Associated PressHamilton 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.
MoreBank suing Estridge Cos. for securities fraud
September 16, 2010
Scott OlsonBank 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.
MoreDefendant pleads guilty in $880M fraud case
September 15, 2010
IBJ Staff and Associated PressA 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.
MoreFair Finance co-owner Cochran uses forceful defense
September 4, 2010
Greg AndrewsTim Durham's partner in a failed Akron, Ohio, company says a trustee has nothing to back up his allegations of fraud.
MoreTrustee sues real estate exec for $115M
July 10, 2010
Cory SchoutenThe 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.
MoreSale of local funeral home, cemetery business finalized
June 23, 2010
Pennsylvania-based StoneMor Partners could pay up to $32 million for Memory Gardens Management Co. after trust-fund and debt
obligations are made.
MoreSKARBECK: Diversifying not sure fix for Lilly Endowment woes
May 1, 2010
Ken SkarbeckLilly Endowment has been a substantial Lilly stockholder for 73 years, so to focus on the past decade is a mistake.
MoreSale of Memory Gardens restores $20M in trust funds
April 30, 2010
Acquisition by Indianapolis-based funeral home and cemetery business by Pennsylvania-based company will preserve funds depleted
by former owner.
MoreFormer basketball players accuse firm of investment fraud
April 16, 2010
Peter SchnitzlerThree Serbian players, two of whom spent time in the NBA, allege Carmel-based Worldwide Associates LLC mismanaged over $12
million.
MoreSKARBECK: How Grace stayed patient under pressure to sell
April 3, 2010
Ken SkarbeckWhen we left, we were trying to imagine a few of the many obstacles Grace might have encountered as her initial investment
grew into $7 million over 74 years.
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Irvington is up and coming much like Fountain Square. We would love to have something like this in our neighborhood!
Why do we care who has submitted proposals if we can't review the proposals? It's publicly owned land, but the public has zero say in what gets chosen to be built there. Yep, that sounds about right.
Perhaps May 21 is "Evangelical Day" over at the IBJ?
I don't know what's more depressing: that this passes for a defensible elective in a publicly funded SCIENCE class, or that more than half of the posters here are defending this charlatan. Intelligent design is creationism. Creationism is religion. Yes, we have freedom of religion, which deserves to be protected. Now someone kindly show Professor Hedin his freedom by escorting him over to the Religion department at BSU. Carry on.
I hope people realize that the 'vocal' opposition at the meeting represent the minority of people against this project. As with any controversial project - those who don't want it are the loudest, while those who like it or really don't care one way or the other don't come to such meetings. Unfortunately the same may be true of the survey now being offered by the BRVA. I live less than a 5 minute walk from BR Avenue and can tell you that I and most of my neighbors are support this exciting project, or are ambivalent. And how great that it includes quality apartments - something that BR sorely lacks. This is a first class opportunity that we should embrace (and no, I'm not with the BRVA or the developer.) As for the fellow who owns the Good Earth store, if he doesn't want competition then let him pull together his own investors and out bid Whole Foods to operate the proposed grocery component! Come on folks - let's move ahead.