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Ohio lawmaker wants Fair Finance owners' assets frozen

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An Ohio congressman is upset the U.S. Attorney’s Office in Indianapolis isn’t seeking to freeze the assets of Fair Finance Co. owners Tim Durham and Jim Cochran.

U.S. Rep. John Boccieri sent a letter Thursday to U.S. Attorney Tim Morrison expressing concern over an estate sale apparently being conducted at a multimillion-dollar home owned by Cochran in Naples, Fla.

An ad running on Craigslist says the sale runs from today through Sunday at 298 Mooring Line Drive, a home listed in public records as belonging to Cochran and his wife. A phone message left at the home was not returned, and an attorney for Cochran could not be reached Friday afternoon.

Boccieri expressed concern in a statement Friday that assets that could go toward repaying Fair Finance investors might disappear.

“Given the increased amount of concerns relayed to me by my constituents, including stories of life savings lost, retirement funds decimated, college savings and more ruined by the alleged wrongdoing of the Fair Finance Co., I continue to implore your office to take all necessary and immediate action to freeze the assets” of Fair, Durham and Cochran, Boccieri said.

This is the second time Boccieri has asked Morrison to freeze assets while federal probes continue into whether company insiders committed securities fraud. He made his first request late last month.

Akron, Ohio-based Fair has been closed since Nov. 24, the date FBI agents raided the company’s headquarters and seized records and computer equipment. The raid occurred one month after IBJ reported that Durham and Cochran had used Fair almost like a personal bank to fund a range of business interests, some of them unsuccessful.

Durham, Cochran and related parties now have more than $168 million in insider loans outstanding, according to filings with Ohio regulators. IBJ reported in October that the massive loans cast doubt on whether Fair has the financial wherewithal to repay Ohio residents who purchased about $200 million of Fair’s investment certificates.

Morrison on Friday afternoon said he forwarded Boccieri's letter to the Department of Justice in Washington, as is the protocol for such correspondence. He provided no additional comment. 

His office had filed a civil lawsuit Nov. 24 seeking to freeze Durham’s assets but dropped it six days later. “Having [received] appropriate assurance [assets] are not being dissipated, that litigation stopped,” Morrison said at the time. He would not elaborate.


Asked on Thursday whether he was concerned about assets disappearing, Morrison said, “You always have a concern, but I just can’t make any comment.”

The Craigslist ad listed a wide range of possessions included in the sale. Those included a 28-foot boat, living room and dining room furniture and appliances. An attendee at the event reported that Bentley and Porsche automobiles also changed hands.

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  • hjk
    I have also been offered race parts from durhams race team a couple of weeks ago they wanted cash only but I would not deal.
    Why oh why did they not freeze his assetts.
    People should know by now lawyers have a licence to tell lies, Durham has been selling off assetts for the last 12 months ,because he knew this was coming.
    ============================
    Best Credit Card UK
  • Personal Finance Bible
    wow...
    tats great n cool....
    Personal Finance Bible
    *******
    john
  • Ohio lawmaker wants Fair Finance owners' assets frozen
    People should know by now lawyers have a licence to tell lies. better to ignore them.

    The Finance Firm
    ***********
    alyssa
  • Crooks....
    Where's the money to cover my 84 year old father's $20,000 CD?

  • knuckle heads
    You knuckleheads who post comments after each Fair Finance article written by IBJ could plug the world's largest toilet. The majority of the comments made are nothing but crap based on inaccurate information!
  • Who is handling the collections for Fair
    Who is in charge of collections for fari finance company? Are customers paying there lease payments ? where is the money going ? are they going to re-open or sell off the portfolio ?
  • Strong comments
    Whoever made that post about the Indiana US Attorney should heed caution. I seriously doubt whether or not you know Mr. Morrison's motive for removing the asset freeze. Have you ever considered he wanted to watch, in action, exactly what has been happening?

    It seems to me that there are so many jurisdictions involved...i.e. Philadelphia SEC, Texas's USAO, Ohio USAO, Attorney General and Congressman Boccieri,the FBI, the IRS and the states of Indiana and Ohio tax divisions that Houdini couldn't even escape something being slapped.

  • re
    If none of this is true, then why hasn't a single management person of ANY of Tim's companies--specifically Tim and Jim--stepped forward with an audited financial history of Fair Holdings, DC Investments, Fair Finance and Obsidian?

    That is all the Ohio Department of Securities requested--AUDITED financials by January 11th. And, Durham et al were given an extension! But, no such luck. Instead, on the afternoon of the 11th Fair withdrew its request for another $250M.

    Where are Timmy and Jim? Rumor has it not only did Jim Cochran sell all the furnishings of his Naples, Florida $3.5M mansion, why, my goodness, he has vacated his Geist mansion! Where is he?
  • Get everyone
    All we know for sure is that someone is screwed. Either Durham and Cochrane OR THE FEDS AND IBJ! Seriously, if the Feds had a case, assets will be frozen. If they somehow can prove they could come up with 200 million, however, the feds just wasted tons of time and money because of faulty journalism from the IBJ. Seriously, they love taking credit for the raid in every article. If I were these guys, I would already be in court with the owners of this paper blaming THEM and the FEDS for the collapse of Fair Finance because now it definitely is going to fail because of the siezures. I got all my money from them on time for the past ten years until this raid.

    P.S. - they could be selling this crap to show they can pay back the loans from the company. There is nothing illegal about that and it actually helps people get their money back. Quick messing with other people's livelyhood because you hate their money manager's lifestyle and friends. Thanks
  • Yep, same Caddy
    http://atgeist.com/blog/curious-collections-tim-durham-keeps-15-million-car-collection-in-his-two-story-garage-in-fortville/
  • re
    do you mean these? If these are TD's it's okay for him to sell them. He has personally assured me he is not a crook.

    http://www.rmauctions.com/CarDetails.cfm?SaleCode=AZ10&CarID=r192

    http://www.rmauctions.com/CarDetails.cfm?SaleCode=AZ10&CarID=r173
  • Morrison on the take
    Tim Morrison claims that he stopped the Fed's asset seizure because he was provided assurances that the assets would not be dissipated. The reality is that he was provided assurances that he would receive 10 percent of all the proceeds. From day one Tim Morrison has been complicit in the Ponzi scheme. Cochran's yard sale in Naples, home sale in Bonita Springs and Durham's car sales will further enrich Tim Morrison at the expense of the victims. When will Tim Morrison be investigated?
  • Car Auction
    Looks like Durham has at least a couple of his cars at RM auctions lot number 207 is a 1908 caddy and lot number 269 is an e-type jaguar
    So must for not being allowed to sell his investors assetts.
    Durham is making a fool of the FBI and the SEC
  • Morrison likes my steaks
    Morrison likes his Steak Medium Rare.He is a regular at my bar, which Im not supposed town. It's so much fun being rich.
  • Feckless Feds
    While the Feds dither, the crooked couple, Tim and Jim, rapidly liquidate their indulgences bought with Ponzi money. The new cash will be strategically placed beyond the reach of the Feds and never returned to the victims. Thank you FBI: Feckless Brainless Idiots!
  • re
    Has anyone heard that Carl might replace Mad Dog, who was recently non-renewed on his contract?

    Brizzi's show could be "Prison Beat."
  • Why would Cochran be selling the appliances?
    He got rid of the other Naples area house six months ago, now he is selling everything down to the appliances of a house in a tax haven.

    Makes me wonder if he is going to leave the country.
  • Indy Star with coverage
    http://www.indystar.com/article/20100115/BUSINESS/100115029/Durham-Florida-partner-sells-assets
  • Low Lifes
    All of the jerks own a house in Fla, because you the law can't take it away. Durham and Cochran are going to jail and I can't wait to see the day. People who are buying this stuff know they are getting hot goods and they should go to jail too.
  • I was offered car parts
    This makes me laugh there is cock roach selling off items brought from investors money in colour pictures ,I have also been offered race parts from durhams race team a couple of weeks ago they wanted cash only but I would not deal.
    Why oh why did they not freeze his assetts.
    People should know by now lawyers have a licence to tell lies, Durham has been selling off assetts for the last 12 months ,because he knew this was coming.
    Car titles put in friends names cash hidden.
    Is there any kind of justice in Indianapolis ?
  • Bentley sold in first five minutes for $135,000
    About 500 people lined the door as the two older white men, one who fits the description of Jim Cochran, conducted the sale. The main man holding the auction nervously screened for cameras and asked a man holding a camera to leave, that no pictures should be taken. HA! AS IF!

    LIKE NO ASSETS WERE SUPPOSED TO BE DISSIPATED!

    Give these people their money back, you jerks!

    Cochran also sold his other Naples area home in either June or July 2009.


    http://www.naplesnews.com/news/2009/jun/29/south-lee-county-land-sales-july-1/

    9197 SPANISH MOSS WAY, BONITA SPRINGS; SINGLE FAMILY RESIDENTIAL; $383,500; GREINER TERRANCE + JOANNE; COCHRAN JAMES + SUSAN J

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