Wednesday, January 27, 2010

Where's Our Money?


That's the question more than a thousand Ohio investors had for U.S. Rep. John Boccieri (D-OH), who conducted a public meeting in Wooster, Ohio last night for investors of the now-closed Fair Finance Company. Boccieri has twice called on Acting U.S. Attorney Tim Morrison to take action to freeze the assets of Fair Finance's owners, Tim Durham and Jim Cochran, both of whom have been liquidating their assets in recent months. Morrison has so far declined to respond to Boccieri. FBI agents were originally scheduled to appear at Tuesday night's meeting but cancelled out at the last minute. Some of the investors at Tuesday night's meeting claimed they invested more than $200,000 in Fair Finance's certificates of investment. That poses a real problem for Fair Finance's owners. In order to obtain their exemption from registering the offerings with the SEC, the investment amount per investor could not have exceeded $200,000. Exceeding that limit effectively voided the exemption it was granted under Ohio law to offer the securities.

4 comments:

HOOSIERS FOR FAIR TAX said...

This appears to be a wicked miscarriage of justice for those investors.

Erich said...

Get a dozen seniors and a dozen dozen eggs every day for a dozen days targeting Morrison's office and see what happens.

Indy Student said...

Thank you Gary for being one of the few covering this.

Dan said...

John Boccieri is in a tough re-election fight in a District similar demographically to Souder's IN-03 Dsitrict. (In Fact, Boccieri was not a resident of the District and had to move into it after he was swept in on the Obama bandwagon).

Part of the reticence is likely part the perception of Boccieri grandstanding and also part that the primary regulator is the Ohio Department of Commerce in this instance.