Home Loan Bank sues over losses on $3B mortgage portfolio
The Federal Home Loan Bank of Indianapolis is suing some of the nation’s largest financial institutions to recover losses on a $3 billion portfolio of mortgage-backed securities.
Fraud
Articles
Bankruptcy trustee sues Durham art bidders
A Florida art dealer who successfully bid more than $260,000 on artwork that once belonged to Fair Finance Co. co-owner Timothy Durham says he canceled the sale. Now he and another big bidder from Philadelphia are being sued by Fair Finance bankruptcy trustee Brian Bash for nonpayment.
Citigroup subsidiary agrees to $717,000 Indiana fine
The penalty stems from charges that Citigroup Global Markets failed to monitor a former agent accused of working with Robert Nelms, who was sentenced in May for securities fraud involving a $24 million cemetery trust fund operated by Indianapolis-based Memory Gardens Management Corp.
Indiana church financier convicted of Ponzi scheme
Jurors deliberated about four hours before convicting Vaughn Reeves, 66, on nine counts of securities fraud.
Developer tied to Ponzi slides into bankruptcy
Sydney "Jack" Williams earned commissions by persuading dozens of investors, many with Indiana ties, to lend millions of dollars to a business that turned out to be fake.
Fair Finance artwork fetches more than $400,000 at auction
Saturday's art auction of work collected by Fair Finance co-owner Timothy Durham raised more than $400,000 — well above what the Akron company's bankruptcy trustee and even the auctioneer thought would be brought in.
Durham art auction offers hope for Ohio investors
The eclectic art collection of disgraced financier Tim Durham will hit the auction block Saturday in a sale that could help restore a small portion of the money lost by investors in Ohio's Fair Finance.
Schrenker sentenced to 10 years for securities fraud
Hamilton Superior Court Judge Steven Nation sentenced Marcus Schrenker to 10 years in prison, ignoring Schrenker’s claims that a lighter sentence would give him enough time to make things right.
Ex-IU hoops player Leary avoids prison time in fraud
Former Indiana University basketball player Todd Leary was sentenced Monday to two years of work release or home detention followed by two years on probation. He still faces theft and burglary charges in Hamilton County in a separate case.
Bank suing Estridge Cos. for securities fraud
Bank of Indiana files complaint against the home builder, alleging it failed to repay a $1 million investment due June 30. The complaint further accuses law firm Krieg DeVault LLP of malpractice and breach of fiduciary duty.
Defendant pleads guilty in $880M fraud case
A Florida man with ties to the founder of Indianapolis-based Williams Realty Group
pleaded guilty Wednesday to running a multistate Ponzi scheme that prosecutors say left investors with up to $100 million in losses.
Former bank exec receives 22-month sentence
Robert E. Tolle pleaded guilty Thursday in federal court of making fraudulent bank entries while serving as a loan officer at the Indianapolis office of Evansville-based Old National Bank.
Dan Laikin sentenced to 45 months in Lampoon fraud
The sentence was short of the 60-month maximum Laikin could have received under a plea agreement worked out with federal prosecutors last fall.
Plea hearing set for defendant in $880M fraud case
Prosecutors say 41-year-old Miami Beach resident Nevin Shapiro left at least 60 investors in Florida, Indiana and New
Jersey with about $80 million in losses after his Ponzi scheme collapsed.
Is University Loft’s rival going on attack again?
The Greenfield furniture-maker has an acrimonious history with California-based Furniture by Thurston.
Tim Durham closes New Castle restaurant
A sign on the door of Durhams Ristorante says the moderately priced Italian eatery will be "closed until further notice."
Fair Finance trustee finds lots of debts, few assets
Tim Durham, Fair’s co-owner and CEO, burned through staggering sums on a lavish lifestyle, loans and gifts to friends,
and loans to businesses he partly owned that performed dismally.
Schrenker to plead guilty to securities fraud
A former money manager convicted of trying to fake his own death in a Florida plane crash last year has agreed to plead guilty
to securities fraud charges in Indiana. Marcus Schrenker would face 10 years in prison.
Judge refuses to unseal Fair Finance search warrants
Judge Sara Lioi ruled the right of access to search warrant records connected with an ongoing investigation is “not
absolute” and not justified in this case.
Trustee pressing Daniels, others to return Durham’s donations
Trustee Brian Bash has sent letters to politicians who he says received a total of $900,000 in funds Durham had borrowed
from the coffers of Fair Finance, a now-bankrupt investment firm based in Ohio.