Carmel financial adviser found guilty of fraud
Prosecutors said Jamie C. Lopez used money from the retirement accounts of his victims to buy automobiles, make mortgage payments and pay for home landscaping.
Fraud
Articles
For ITT Educational, a hard fall and a long road back
ITT lawyers are zeroing in on cleaning up the legal quagmire—and they’re starting to have success. Without admitting liability, ITT in November reached agreements to settle securities lawsuits in Indiana and New York for a total of $29.5 million, with $25 million to be paid from the company’s insurance coverage.
First checks leave Durham victims underwhelmed
The $18 million payout to some 5,000 investors in Fair Finance Co. represents a recovery of about 9 cents on the dollar.
Former Indianapolis developer tries to avoid return to jail
Sydney "Jack" Williams is at risk of going to jail for the second time since he avoided charges in a massive Ponzi scheme run out of Miami.
Investment firm owner sentenced to 5-plus years for fraud
John K. Marcum, 51, of Fishers, received a 66-month sentence and was ordered make restitution of $3.9 million to 17 victims, including several who lost their life savings.
Collection-agency exec Wolfe indicted on fraud charges
The indictment likely means prosecutors were unable to reach a plea agreement with Wolfe, who was preliminarily charged in late 2014.
Hancock County man gets prison time for defrauding investors
A Hancock County man who defrauded 19 investors out of nearly $400,000 has been sentenced to 27 months in federal prison.
Business owner ordered to pay $643K for securities fraud
Timothy E. Cook funded his personal expenses by falsely promoting stock in his Indianapolis-based cancer research firm Xytos Inc. long after it had ceased operations, according to a federal court ruling.
Chicago insurer turns up heat in quest to collect $44M judgment
A Chicago company that won a massive judgment against Indianapolis businessman Alan Symons, his family and related companies accuses the 66-year-old of “hide-the-ball” conduct.
Indiana warns businesses about recent deceptive letters
Secretary of State Connie Lawson is warning Indiana firms about letters that appear to have come from her office and ask for $125 or $150 fees.
Justices suspend Indy lawyer who ran $19M Ponzi scheme
Indianapolis attorney Charles Blackwelder already has pleaded guilty to a real estate scam in Hamilton County that involved more than 300 elderly Hoosiers.
Angie’s List lawsuit charges Amazon stole trade secrets
The federal lawsuit says Amazon took shortcuts in building a direct competitor to Angie's List by having employees sign up as members of the Indianapolis-based consumer reviews company and then illegally downloading lists of service providers and other information.
Judge tosses Angie’s List suit, but gives investors chance to refile
The lawsuit claimed the company’s 2013 reduction in membership fees undermined its previous claims about its business model, but a federal judge said the complaint was devoid of facts showing the damage from those cuts.
Durham may see little payoff from dismissal of two counts
When Judge Jane Magnus-Stinson sentenced Durham to 50 years in 2012, she said there was no point to handing down a sentence that was a multiple of his likely life span.
Fair Finance trustee reaches $3M settlement with National Lampoon
The deal would resolve a 2011 lawsuit accusing former Indianapolis businessman Tim Durham of using Fair Finance funds to prop up National Lampoon. He is a former CEO of both companies.
AG’s office warns residents as scams in Indiana escalate
The attorney general's office received 5,255 scam complaints in 2014, more than double the 2,341 from a year earlier.
UPDATE: SEC hits ITT Educational, execs with fraud charges
ITT Educational CEO Kevin Modany and Chief Financial Officer Daniel Fitzpatrick allegedly “engineered a campaign of deception and half-truths” to hide from investors the extent of losses ITT was suffering from student loan programs, the SEC said Tuesday morning.
Fair Finance trustee reaches $35M settlement with lender
The bankruptcy trustee had accused Fortress Credit Corp. of turning a blind eye to Tim Durham's Ponzi scheme because it was making millions of dollars and held first liens on the only company assets with real value.
Hauke fraud victims set to get one-third of their money back
Investors will receive about $3.2 million of the $9.7 million they lost in a fraud perpetrated by Keenan Hauke, a former Fishers hedge fund manager. He’s in prison after admitting to hiding massive losses by creating fake account statements.
New Jersey man, 2 companies plead guilty in biofuels scam
Joseph Furando and two companies he co-owns have pleaded guilty to federal charges in a biofuels scam that became one of the largest frauds in Indiana history and bilked taxpayers and fuel buyers out of tens of millions of dollars, prosecutors said.