Durham car collection fetches $2.2M
A 1929 Duesenberg once driven by Elvis Presley garnered the largest price—$1.237 million.
Fraud
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Tim Durham’s exotic cars hit auction block
Fair 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.
Man gets 3 years in cemetery scheme
Mark Singer, who was convicted of scheming to steal as much as $27 million set aside to maintain the graves of people who had paid in advance for their funerals, has been sentenced to three years in prison.
Fair Finance trustee sues Durham relatives
The case against Jeffrey and Dana Osler is the latest in what is expected to be a string of suits by the trustee against friends and business associates of Tim Durham who took out loans from Fair Finance but made few if any payments.
Developer who drew friends into Ponzi reaches $1M deal
Sydney "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.
Conseco brass agree to settle 8-year-old suit for $41.5M
The suit accused CEO Gary Wendt, President Bill Shea, Chief Financial Officer Charles Chokel and Chief Accounting Officer Jim Adams of engaging in a “massive and systematic coverup of … actual debts and losses through complex accounting, misleading disclosures, and irregular accounting practices.”
Insurer for Durham firm to settle suits for $5.5M
The agreement allows embattled financier Tim Durham to remain on the board of CLST Holdings, but mandates he step down as chairman and not vote on any matter unless doing so would make the board unanimous.
Indiana church financier gets 54 years for Ponzi scheme
A judge sentenced 66-year-old Vaughn Reeves to 54 years in prison during a court hearing Tuesday in Sullivan. A jury convicted him in October on nine counts of securities fraud.
Judge OKs plan to distribute Schrenker’s assets
A judge on Friday approved a plan under which investors who lost millions in Marcus Schrenker’s financial schemes will get back seven cents on the dollar.
Home Loan Bank sues over losses on $3B mortgage portfolio
The 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.
Bankruptcy trustee sues Durham art bidders
A Florida art dealer who successfully bid more than $260,000 on artwork that once belonged to Fair Finance Co. co-owner Timothy Durham says he canceled the sale. Now he and another big bidder from Philadelphia are being sued by Fair Finance bankruptcy trustee Brian Bash for nonpayment.
Citigroup subsidiary agrees to $717,000 Indiana fine
The penalty stems from charges that Citigroup Global Markets failed to monitor a former agent accused of working with Robert Nelms, who was sentenced in May for securities fraud involving a $24 million cemetery trust fund operated by Indianapolis-based Memory Gardens Management Corp.
Indiana church financier convicted of Ponzi scheme
Jurors deliberated about four hours before convicting Vaughn Reeves, 66, on nine counts of securities fraud.
Developer tied to Ponzi slides into bankruptcy
Sydney "Jack" Williams earned commissions by persuading dozens of investors, many with Indiana ties, to lend millions of dollars to a business that turned out to be fake.
Fair Finance artwork fetches more than $400,000 at auction
Saturday's art auction of work collected by Fair Finance co-owner Timothy Durham raised more than $400,000 — well above what the Akron company's bankruptcy trustee and even the auctioneer thought would be brought in.
Durham art auction offers hope for Ohio investors
The eclectic art collection of disgraced financier Tim Durham will hit the auction block Saturday in a sale that could help restore a small portion of the money lost by investors in Ohio's Fair Finance.
Schrenker sentenced to 10 years for securities fraud
Hamilton 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.
Ex-IU hoops player Leary avoids prison time in fraud
Former Indiana University basketball player Todd Leary was sentenced Monday to two years of work release or home detention followed by two years on probation. He still faces theft and burglary charges in Hamilton County in a separate case.
Bank suing Estridge Cos. for securities fraud
Bank 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.
Defendant pleads guilty in $880M fraud case
A 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.