Investors let down guard, opening door to Durham fraud
Shouldn’t the 5,100 Ohio investors who lost more than $200 million when Fair collapsed have seen Fair’s lofty interest rates as a red flag?
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Pence taps banker Alley to stay in administration post
Former bank executive Mike Alley will continue in his position as commissioner of Indiana’s Department of Revenue under Gov.-elect Mike Pence. Pence also announced two more cabinet appointments.
First Internet Bancorp seeking to list on NASDAQ
The Indianapolis-based company said it has filed with the Securities and Exchange Commission to make the move from the over-the-counter board to the more active NASDAQ exchange.
Nico raises $6.5 million more from existing investors
Indianapolis-based Nico Corp. wants to use its new round of capital to develop brain surgery products to address diseases that were often considered inoperable, such as metastatic brain cancer and intracerebral hemorrhages.
Slinky maker hoping to purchase bankrupt Fundex
Plainfield-based Fundex Games Ltd., which filed for bankruptcy protection in September, said Poof-Slinky Inc. is the only potential purchaser that has shown interest in acquiring the company’s assets.
Successful Durham appeal unlikely, outside lawyers say
Local criminal defense lawyers who tracked the trial of Tim Durham and his accomplices say chances are slim that they would prevail on appeal. One said Durham would have a better chance of winning the lottery.
Durham gets 50 years for fraud scheme
Former Indianapolis businessman Tim Durham was sentenced to 50 years in prison for running a Ponzi scheme that led to the collapse of Fair Finance, costing thousands of investors $250 million. Accomplices Jim Cochran and Rick Snow received 25 years and 10 years, respectively.
KAR Auction Services declares first dividend
Carmel-based KAR Auction Services Inc. is declaring its first quarterly dividend since going public in December 2009.
VC funds hope to help early-stage life sciences firms
Early-stage venture capital has been harder and harder to come by for life sciences companies in recent years, but two Indianapolis investors are working to raise sizable funds to help fill the gap.
Live tweets from Durham sentencing
IBJ provided ongoing updates from the courthouse where Ponzi schemer Tim Durham and two accomplices were sentenced Friday afternoon.
Durham fate rests in judge’s hands
Convicted Ponzi schemer Tim Durham and two accomplices will find out Friday whether they will spend the rest of their lives in prison.
Local designer’s bankruptcy tied to Fair Finance
SC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim Durham, through a claim filed by a trustee seeking to recover investor funds.
Church’s fate in judge’s hands after insurance scheme sours
A federal judge will determine whether an Anderson church can exit bankruptcy with a lighter debt load, over objections from its bank lender, after a church scheme to profit by selling life insurance on its elderly members failed.
Prosecutors: Durham, accomplices deserve life sentences
Saying their crimes were “as serious as any financial fraud crime ever committed,” federal prosecutors re-emphasized Monday their recommendation that Ponzi schemer Tim Durham and his two accomplices deserve to spend the rest of their lives in prison.
Durham asks court for five-year sentence
Convicted Ponzi schemer Tim Durham is requesting a much shorter prison stay than the life sentence federal prosecutors want him to serve. The convicted Ponzi schemer and two associates are set to be sentenced Friday.
Items in ’12 Days of Christmas’ increase to $107,000
If you get buy all 364 items repeated throughout “The Twelve Days of Christmas” carol, you’ll pay 6.1 percent more this year, according to the so-called Christmas Price Index that PNC Wealth Management updates annually.
Pliant Ohio regulators helped clear path for Durham’s fraud
The Ohio Division of Securities allowed Fair Finance to register investment certificates even after the company stopped providing audited financials and Tim Durham drained more than $100 million from the firm through insider loans.
$22M foreclosure suit targets local apartment complexes
The three complexes are Dogwood Glen Apartments on the city’s northwest side, Elmtree Park Apartments on the far-east side and Heathmoore Apartments on the southeast side.
Indianapolis receives $39M loan guarantee from HUD
The city will use the funding to establish a Community and Economic Loan Pool to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.
Carmel council approves refinancing package
Carmel’s City Council on Monday night voted 7-0 to approve a proposal to refinance $195 million in debt incurred by the Carmel Redevelopment Commission.