Friday, September 24, 2010
Fair Finance Claims Top $180 Million
The bankruptcy trustee for Fair Finance, the Ohio-based company Indianapolis businessman Tim Durham allegedly operated like a Ponzi scheme, reported receiving more than 4,000 claims totalling $181.3 million to date at the latest case status hearing. The trustee says as many as 5,300 Ohio residents purchased more than $200 million worth of uninsured certificates of investment in the company. The trustee obtained an extension until October 29 for creditors to file their claims in the bankruptcy case. The trustee has sold two collectible cars turned over by Durham for more than $250,000 and has plans to sell many more expensive cars collected by Durham, along with a 100-piece art collection at auction on October 16 in Cleveland. The art collection can be viewed by clicking here. Federal prosecutors have yet to bring any charges against Durham in the matter.