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.