Tuesday, January 26, 2010
Fair Finance Investors To Force Company Into Bankruptcy
Left completely unprotected by government regulators, investors in Tim Durham's Fair Finance Company have been compelled to resort to various civil remedies to recover hundreds of millions of dollars they invested in the company that were squandered in a classic Ponzi scheme. An Ohio attorney representing investors in Fair Finance, with the assistance of Ohio U.S. Rep. John Boccieri, will hold a meeting tonight in Wooster, Ohio to discuss plans to force the company into involuntary bankruptcy to prevent further dissipation of the company's assets. The company's offices closed in November of last year after FBI agents raided its offices and filed a civil forfeiture action against the company and its owners. Acting U.S. Attorney Tim Morrison abruptly dropped the civil forfeiture action without explanation, permitting the owners to sell luxury assets they accumulated over the past several years.