The case against Jeffrey and Dana Osler is the latest in what is expected to be a string of suits by the trustee against friends and business associates of Tim Durham who took out loans from Fair Finance but made few if any payments.
Sydney "Jack" Williams, founder of Williams Realty Group, recruited dozens of investors, many with Indiana ties, to invest in a Florida business that turned out to be a giant fraud.
The suit accused CEO Gary Wendt, President Bill Shea, Chief Financial Officer Charles Chokel and Chief Accounting Officer Jim Adams of engaging in a “massive and systematic coverup of … actual debts and losses through complex accounting, misleading disclosures, and irregular accounting practices.”
The agreement allows embattled financier Tim Durham to remain on the board of CLST Holdings, but mandates he step down as chairman and not vote on any matter unless doing so would make the board unanimous.
A judge sentenced 66-year-old Vaughn Reeves to 54 years in prison during a court hearing Tuesday in Sullivan. A jury convicted him in October on nine counts of securities fraud.
A judge on Friday approved a plan under which investors who lost millions in Marcus Schrenker’s financial schemes will get back seven cents on the dollar.
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.
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.
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.
Jurors deliberated about four hours before convicting Vaughn Reeves, 66, on nine counts of securities fraud.
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.
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.
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.
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.
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 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.
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.
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.
The sentence was short of the 60-month maximum Laikin could have received under a plea agreement worked out with federal prosecutors last fall.
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.
