Friday, January 15, 2010

Great Day For An Estate Sale In Naples

It was apparently a great day for an estate sale (as advertised on Craigslist here) in Naples, Florida today. A source who attended the estate sale of Fair Finance co-owner and business partner of Timothy Durham, James Cochran, says hundreds of buyers showed up today looking for bargains. The owners were selling everything, including bedroom furniture and appliances. A Bentley quickly sold for a cool $135,000 I'm told. A sporty Porsche found a new owner as well. Will the investors in Fair Finance see any of this money?
The IBJ's Greg Andrews has more on Ohio Congressman John Boccieri's reaction to news of Cochran's estate sale. Boccieri, who represents many of the investors defrauded by Durham and Cochran, sent his third letter in as many months to Acting U.S. Attorney Tim Morrison in Indianapolis demanding that he take action to freeze Durham's and Cochran's assets. Morrison abruptly dropped a forfeiture action he filed in the matter days after he filed the action in the U.S. District Court for the Southern District of Indiana.“Given the increased amount of concerns relayed to me by my constituents, including stories of life savings lost, retirement funds decimated, college savings and more ruined by the alleged wrongdoing of the Fair Finance Co., I continue to implore your office to take all necessary and immediate action to freeze the assets” of Fair, Durham and Cochran, Boccieri said.

I've said it before and I'll say it again. Unless this case is transferred to the Public Integrity Section of the Justice Department in Washington, Boccieri's constituents have no hope of getting any justice in this matter. Federal investigators have known for years based on whistleblower complaints what has been taking place and did absolutely nothing to protect innocent investors. Hell, local and federal prosecutors stood by and watched political cronies steal the Lawrence Water Utility and make off with millions of dollars in public assets. If you want to rip off the public, Indianapolis is the place to do it. Local law enforcement and prosecutors won't get in your way, particularly when they're on the payroll of the people doing the criminal acts.


I know said...

Simply unbelievable!

I hope you send the blog and pictures to the Ohio Attorney's and the Congressman.

Unknown said...


You are the coolest attorney I know. How do you get all this dirt?

I am going to recommend you to clients, as you must be an amazing lawyer. You certainly have proved your ability to consistently be thorough and follow-up.

Where the heck is the US Attorney? What avarice of Cochran and Durham. Did you see that expensive marble on the back of the house? The Sea Ray with twin engines? The top of the line Bentley and Porsches? For a vacation home?

WHAT is the problem with Tim Morrison, can someone please speak up as to why he is letting all this happen, there will be nothing left for these elderly Ohio investors.

maverick said...

Durham and Cockroach knew this was coming over 12 months ago, when I had a meeting unbeknown to me at the time with Durhams lawyer , he has been hiding cars in friends names and selling off assetts.

Gary R. Welsh said...

Oh, did I mention the home Cochran sold in Bonita Springs, Florida last year for $383,500? How many homes does this guy own?

Unknown said...

Gosh, I wonder how many of Cochran's friends are on here viewing the proceeds of elderly Ohioans life savings, er oops I mean Cochran's furniture er oops I am confused, who paid for this?

How does a small time factoring 50% company owner with a partner, CFO, President and a slew of other colleagues, in a business that grossed $28M in revenues and lost almost $2M last year, afford

$4M house in Naples;
Bentley convertible and Porsche convertible as cars for the Naples house;

$650k house in Bonita Springs (sold at plummeting market price)

$1.2M mansion in Indianapolis;
cars for the mansion in Indianapolis

and all the other crap he has spent obscene amounts of money on?

Oh yeah, maybe he made it all on Brightpoint and Cellstar and he is going to use the proceeds of the garage sale, I mean estate sale today to pay the next round of dividends to those elderly Ohio residents some of whom may not even be able to pay their heat bill this month.

Marycatherine Barton said...

Horrific example of the economic rape that our "political class" is allowing, for reasons that are infuriating to contemplate. Unforgivable!

Anonymous said...

I agree that Gary's voice is becoming more and more hard to ignore by the mainstream. This blog has literally transformed from a few peoples' rants into a must read source for those who care about truth. it takes some gumption to tell it like it is in this town, even to one's own party. Gary, we thank u and a select few like you who are active doing what you do. PLEASE keep up the good work, the rank and file are literally starving for truth and so relieved to see u step up. i suspect it has cost you in some ways to be so vocal but fear not, the tide is turning my friend. not trying to be dramatic here. i'm not an insider, not a mover/shaker, just a thinking observer with an opinion who has seen enough of the mickey mouse shenanigans our 'gubmint' gives us over the years. if the red star won't step up, gary and people of his ilk will and we're all better for it is all i'm tryin' to say.

Erich said...

My understanding is Florida has an unlimited homestead exemption during bankruptcy, if the home has been owned for 40 months. I think the Naples house was bought April 2007.

The house had a $2.5 million mortgage. It would make sense to put as much cash as possible into paying off the mortgage, if it means it will be protected in the event of bankruptcy.

That is my understanding of Naples homestead exemption based on reading a few articles.

Gary R. Welsh said...

Thanks for your kind comments, Leesa and Will H.

maverick said...

Oh yes Durham has at least two of his cars at RM auctions next week
lot number 207 a 1908 caddy and lot number 269 e-type jag are his.
So much for lipo boy not selling investors assetts.
Durham is making fools out of the FBI and the SEC

IndyPaul said...

This place is familiar to me. Where did you get these photos?