State Republican committee agrees to Durham settlement

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The Indiana Republican State Committee has agreed to pay Fair Finance Co.'s bankruptcy trustee almost $88,000 to make up for contributions it received from the company's indicted CEO, Indianapolis financier Tim Durham.

Bankruptcy Trustee Brian Bash disclosed the settlement Friday along with a separate agreement with Aiming Higher, a political action committee supporting Gov. Mitch Daniels. The group agreed to pay the trustee $10,000.

The two are the latest political groups to settle with Bash, who for months has been negotiating with Indiana politicians who were beneficiaries of Durham’s largesse before his financial empire collapsed two years ago. The trustee contends the payments were fraudulent transfers because they were made when Durham and his companies were insolvent.

Still unresolved is a settlement with Daniels, who received about $200,000 in campaign contributions from Durham.

Former Marion County Prosecutor Carl Brizzi also received about $200,000 from Durham. Last month, his Brizzi for Prosecutor Committee agreed to repay $170,881 donated by Durham, Fair Finance and affiliated companies. Brizzi also agreed to pay $25,000—a portion of the sum the trustee alleged Fair Finance and Durham provided him in personal loans and financial assistance.

The settlement with Brizzi represents the largest amount Bash has collected from a politial group or politician who received funds from Durham.

Bash since early 2010 has been trying to recover money for Fair Finance's investors—Ohio residents who purchased unsecured certificates with interest rates as high as 9.5 percent. He alleges Durham “utterly looted” Akron-based Fair after buying it in 2002, stripping the business of the financial wherewithal to repay more than 5,000 investors who are owed more than $200 million.

Before his arrest, Durham was one of the largest contributors to Indiana politicians, particularly Republicans. The trustee expects to recoup more than $285,000 from seven earlier settlements with campaign committees and politicians who'd received Durham donations.

Another high-profile officeholder who settled was Speaker of the House Brian Bosma, who returned $10,000.

Durham and two business partners, James Cochran and Rick Snow, were arrested in March after being indicted on 12 felony counts, including conspiracy to commit wire and securities fraud. They deny wrongdoing.

More of IBJ's coverage of Durham and Fair Finance can be found here.


  • yeah baby
    ...the Insane Clown Posse of Repugnant politicians keeps on rollin' along, and they say, "we don't care where the money comes from or whose Grandma got screwed out of her life savings, just keep sendin' MO MONEY, and HOES!!! srsly ALL thes clowns need to go to jail, along with their 'leaders' like Romney, Gingrich, Santorum (ewww), Cain, Palin etc...they're ALL a bunch of griftin' con artists who will KEEP stealing until they are stopped...it's what they do, it's who they are (oh how sometimes I wWISH this were China, they'd just take scum like Durham/ Brizzi/ Daniels out back and have a quick firing squad...funny how THAT makes an impression!)
  • Go after the est. $750,000
    Why don't they go after the $750,000 that Durham loaned Cindy Landeen for the Alternate Billing Corp. It was shutdown by the FBI in Forest Lake, Minnesota.
  • Come On Kids.......
    it's just a little "business as usual" in the game we call Indiana Politics. Why all the whining?
  • Why?
    Has anyone figured out why "Brizzi For Prosecutor Committee" still exists? Didn't he declare he wasn't running several years ago? If he has $200k to return, don't his contributors deserve the rest back? Why does he get to keep this money?
  • getting old
    It's always the same party getting the illegal money.
  • More widespread than this.
    I believe that the corrupt business activities surrouding this particular donor is but a type and shadow that has occurred within this cicle. We could use help in looking into some other acitivites, such as the John Bales situation and our Representative. We have majhor conrencs with our local and regional officials in Marion, IN and Grant County.
  • Daniels has no integrity
    He who loves to judge others across the nation and preach how to run everything reveals his own character and ethics to be the lowest of the low. He has $millions in his political coffers (not to mention his personal $millions).
  • Daniel's lily white hands?
    Or, do you think he knew who and what the money was coming from?
  • Daniels need to pay
    Mitch needs to fall in line and return the illegitimate contributions. He should have set an example and been the first to repay. If not, this will be a stain on his legacy much like the smoke stains on bar workers' lungs due to him not having a state-wide comprehensive smoking ban by now.
  • How much gets to investors?
    One wonders how many cents on the dollar the attorneys get, and how much the investors get? The attorneys use the power of the State to coerce and intimidate their targets into paying, then pocket most of the funds, leaving the investors with little if anything....hopefully the IBJ will report this...but I'm not holding my breath...

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