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EYE ON THE PIE: Let’s explore options to finance stadium

January 3, 2005

Phinneas Phogghorn, Indiana’s third U.S. senator, was home for the holidays and in fine voice at the Dixie Donut Shoppe. “Rubbish,” the jewel of Jeffersonville intoned to his assembled admirers. “Unadulterated rubbish is all I can say about the view held by too many Hoosiers that a stadium for the Indianapolis Colts is not for the benefit of all the people of Indiana. The Colts are more than a mere symbolic representation of the state in the minds of football…

Ponzi schemer Cochran escalates fight for early release on COVID grounds

May 5, 2021 | Greg Andrews

Jim Cochran, who is serving a 25-year prison sentence for his role in the Fair Finance fraud, says he has undergone a religious conversion that no longer makes him a risk to society.

Recovery for Durham fraud victims hinges on high-stakes trial

February 24, 2020 | Greg Andrews

A federal judge in northern Ohio has set aside three weeks for the jury trial, which pits Fair Finance Co.’s bankruptcy trustee against one of Fair’s former lenders, the Fortune 500 firm Textron Inc.

Fraudster Tim Durham wins hearing on whether lawyer’s $1M fee created conflict

November 4, 2019 | Dave Stafford / The Indiana Lawyer

Fair Finance fraud felon Tim Durham will get a chance to grill his former trial attorney and call more than a dozen witnesses during an evidentiary hearing into whether he received proper representation before he was sentenced to 50 years in federal prison.

Tim Durham fraud victims eke out additional recovery

January 17, 2018

Investors in the Durham-owned Fair Finance Co. are slated to receive an additional $5 million soon, boosting their recovery to $23 million—which works out to about 11 cents on the dollar for their $208 million in losses.

New hope surfaces for victims of Durham’s Ponzi scheme

September 15, 2016

An appeals court ruling has cleared the way for Fair Finance Co.'s bankruptcy trustee to revive a lawsuit against one of the company's lenders,a Fortune 500 company with extensive resources. The trustee was able to extract a $35 million settlement from another one of the company's lenders.

Indiana Supreme Court disbars convicted fraudster Durham

July 20, 2016

Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.

First checks leave Durham victims underwhelmed

November 12, 2015

The $18 million payout to some 5,000 investors in Fair Finance Co. represents a recovery of about 9 cents on the dollar.

Durham family members agree to settle trustee claims

November 8, 2013

Attorneys for the Fair Finance trustee said Tim Durham's ex-wife, Joan SerVaas, has agreed to pay $100,000 and Bernard Durham, his adopted son, $10,000 to settle a lawsuit charging they accepted nearly $300,000 from the disgraced financier.

Indiana tries to close loophole that helped Durham commit fraud in Ohio

February 14, 2013

The legislature is considering a bill that would require intrastate securities offerings to file audited financials, a safeguard that caused trouble for Fair Finance investors.

Lampoon paid for Durham’s defense, trustee alleges

January 23, 2013

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.

Durham gets 50 years for fraud scheme

November 30, 2012

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.

Pliant Ohio regulators helped clear path for Durham’s fraud

November 21, 2012

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.

Former Durham exec ordered to pay $30,000

August 22, 2012

Former Obsidian Enterprises Inc. President Terry Whitesell will pay the amount as part of a settlement agreement. A bankruptcy trustee representing investors of Fair Finance Co., owned by convicted financier Tim Durham, had sought more than $225,000 from Whitesell.

Defense rests in Durham trial without defendants testifying

June 19, 2012

Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.

Durham prosecutors wrap case with details on asset transfer

June 18, 2012

In the weeks before an FBI raid shut down Fair Finance Co., top company executives led by Indianapolis financier Tim Durham devised a last-ditch maneuver they hoped would persuade Ohio regulators to allow them to keep selling investment certificates.

No lockstep defense strategy for Durham co-defendants

June 13, 2012

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.

Dan Laikin spurred probe of Tim Durham, filings reveal

May 17, 2012

The FBI had been investigating Tim Durham since March 2009, when his friend Dan Laikin, a Fair Finance board member, offered up incriminating information on the Indianapolis financier in hopes of securing a lighter sentence for himself in an unrelated case.

Attorney General agrees to return Durham campaign funds

September 22, 2011

Indiana Attorney General Greg Zoeller has reached a settlement with the Fair Finance bankruptcy trustee to give back $11,000 in contributions he received from indicted financier Tim Durham.

Bosma to return $10,000 Durham donation

April 29, 2011

Fair Finance's trustee says Bosma has agreed to return a $10,000 contribution from Durham. Meanwhile, Carl Brizzi, another big recipient of Durham donations, is in settlement discussions with the trustee.

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