Saturday, January 15, 2011

Bankruptcy Trustee Sues Durham Relatives To Recover On Defaulted Loan

The bankruptcy trustee for Fair Finance Company has filed suit against Dana and Jeffrey Osler, sister and brother-in-law to Tim Durham, to recover on a $500,000 line of credit note DCI Investments, an affiliated Durham company, made to Jeffrey Osler, who kept the books for Durham's companies. Durham's sister, Dana, personally guaranteed the repayment of the funds loaned to her husband. According to the complaint, more than $911,000 is now owed in unpaid interest and principal on the defaulted loan. This appears to be the first of many lawsuits the trustee plans to file against friends and relatives of Durham who personally profited from the more than $200 million private individuals invested in Fair Finance Company before it permanently closed its doors and defaulted on repayment of their invested funds in November, 2009.

2 comments:

Bob said...

Kudos to Diane Vice at My Tea Party for her excellent posting covering the misdeeds of Tim Durham and Carl Brizzi in their dealings with Fair Finance as well as questionable dealings with CellStar stock.

I urge everyone to check it out. . . . especially any employee of the SEC or any U.S. Attorney with jurisdiction over these two.

http://diana-vice.blogspot.com/

Craig said...

"loan?"

What financial institution "loans" someone hundreds of thousands of dollars and permits deferment after deferment, with not a single principle or interest payment, for what is it 7 years? In every single case of his friends like Osler, Najem, Laikin etc?

These weren't loans. As the trustee stated in his filing, they are "purported loans" that were freebies until the state of Ohio Dept of Securities finally woke up and the FBI came'a calling.

In addition to this money the Oslers took a bunch more for Geist Sports Academy, which is a joke in itself to think that hefty Dana runs a gym. What an oxymoron.

Put them all in prison, now, with no bail.