Securities fraud

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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Michigan lawyer claims Indiana prosecution was political

January 25, 2013
Associated Press
A Michigan attorney claims in a lawsuit that former Indianapolis prosecutor Carl Brizzi and former Indiana Secretary of State Todd Rokita used unwarranted charges against her in a cemetery theft scheme to enhance their political reputations.
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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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Ex-councilor Bateman agrees to plead guilty to fraud charges

January 23, 2013
J.K. Wall
Paul C. Bateman Jr., a former Democrat city-county councilor, agreed to plead guilty Wednesday to 13 counts of money laundering and wire fraud for his part in defrauding an Indianapolis physician of $1.7 million.
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Leader of fraud scheme pleads guilty to 20 counts

January 17, 2013
Scott Olson
Michael Russell faces between 57 and 71 months in prison for defrauding an Indianapolis investor of $1.7 million. Two associates, Paul Bateman, a former City-County councilor, and Manuel Gonzalez, have pleaded not guilty and are set for trial Feb. 11.
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Investors let down guard, opening door to Durham fraudRestricted Content

December 8, 2012
Greg Andrews
Shouldn’t the 5,100 Ohio investors who lost more than $200 million when Fair collapsed have seen Fair’s lofty interest rates as a red flag?
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Successful Durham appeal unlikely, outside lawyers say

December 3, 2012
Scott Olson
Local criminal defense lawyers who tracked the trial of Tim Durham and his accomplices say chances are slim that they would prevail on appeal. One said Durham would have a better chance of winning the lottery.
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Durham gets 50 years for fraud scheme

November 30, 2012
Greg Andrews, Scott Olson, Cory Schouten
Former Indianapolis businessman Tim Durham was sentenced to 50 years in prison for running a Ponzi scheme that led to the collapse of Fair Finance, costing thousands of investors $250 million. Accomplices Jim Cochran and Rick Snow received 25 years and 10 years, respectively.
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Prosecutors: Durham, accomplices deserve life sentences

November 27, 2012
Scott Olson
Saying their crimes were "as serious as any financial fraud crime ever committed," federal prosecutors re-emphasized Monday their recommendation that Ponzi schemer Tim Durham and his two accomplices deserve to spend the rest of their lives in prison.
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Durham asks court for five-year sentence

November 26, 2012
Scott Olson
Convicted Ponzi schemer Tim Durham is requesting a much shorter prison stay than the life sentence federal prosecutors want him to serve. The convicted Ponzi schemer and two associates are set to be sentenced Friday.
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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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Indiana businessman admits guilt in 2 fraud plots

October 29, 2012
Associated Press
An Indiana businessman has pleaded guilty to ripping off an Iowa company and duping investors in separate fraud schemes totaling $2.3 million.
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Legal fees nearing $9M in Fair Finance bankruptcy

October 17, 2012
Cory Schouten
The trustee in the Fair Finance bankruptcy case and his law firm have run up legal bills approaching $9 million, nearly double the recoveries they've achieved to date for investors victimized by convicted fraudster Tim Durham.
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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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Hauke receiver files suit against his former accounting firm

July 9, 2012
Scott Olson
The lawsuit accuses convicted money manager Keenan Hauke's former accounting firm of negligence for failing to monitor Hauke's bank accounts, enabling him to use investor funds for his personal use. Hauke was sentenced in March to 10 years in prison.
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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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Durham attorney vows to appeal guilty verdict

June 21, 2012
Cory Schouten
An attorney for convicted fraud mastermind Tim Durham vowed Thursday to appeal the case to the U.S. Supreme Court if necessary to prove his client did nothing wrong.
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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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