Thursday, March 31, 2011
Indianapolis Attorney Reaches Settlement To Repay Funds To Fair Finance Trustee
An Indianapolis attorney and his wife have reached a settlement agreement to end litigation the bankruptcy trustee for Fair Finance brought against them last month in an effort to recover part of the more than $200 million indicted Ponzi scheme operator Tim Durham defrauded out of Ohio investors. Under the terms of the agreement, Stephen and Linda Plopper have agreed to repay nearly $371,000 to satisfy a $250,000 loan that was originally extended to them in 2003 by a Durham-owned company that had siphoned money from Fair Finance. The couple later secured the loan with a mortgage on their home after obtaining an extension on the loan but never satisfied interest and principal payments on the original loan. Plopper formerly worked as an attorney for Durham at his offices in the Chase Tower in downtown Indianapolis and had served as Secretary of Fair Holdings, Inc., a company Durham established to funnel funds invested by Ohio investors in Fair Finance to then distribute to other Durham-owned companies through which funds were made available to Durham and other business associates and insiders.