State, former Colts invest in Fishers software provider
The state of Indiana and former Colts are among the lead investors in Fishers-based software provider CloudOne, the company announced this week.
The state of Indiana and former Colts are among the lead investors in Fishers-based software provider CloudOne, the company announced this week.
A federal judge has ordered an Indiana financier and a business partner jailed until they are sentenced for swindling investors out of $200 million.
Convicted Ponzi schemers Tim Durham and James Cochran will be held in a federal prison until sentencing, while accomplice Rick Snow will be confined under home detention, under an order issued Monday afternoon by U.S. District Judge Jane E. Magnus-Stinson.
A federal judge will hear evidence on whether Tim Durham, Jim Cochran and Rick Snow should be kept in jail until they are sentenced.
A New York firm is contacting Fair Finance Co. investors seeking to purchase their bankruptcy claims—a sign of growing optimism that investors in the defunct business will secure a sizable recovery.
U.S. Attorney Joseph Hogsett hailed the jury's decision, calling the case "the most significant piece of litigation the Southern District has seen in a generation." Tim Durham and co-defendants Jim Cochran and Rick Snow were handcuffed and taken to the Marion County Jail.
Mainstreet owns 18 percent of HealthLease Properties Real Estate Investment Trust, which sold 11 million shares of stock at $10 each. The stock began trading Wednesday morning on the Toronto Stock Exchange under the ticker HLP.UN.
The prosecution described Tim Durham as "the mastermind" of a Ponzi scheme, while partner Jim Cochran acted as the front man who lied "to people's faces," and Chief Financial Officer Rick Snow served as the "backroom numbers guy."
Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
Attorneys for Tim Durham and his co-defendants are expected to start their defense Tuesday morning and wrap it up in the afternoon. The jury is expected to begin deliberations Wednesday.
In the weeks before an FBI raid shut down Fair Finance Co., top company executives led by Indianapolis financier Tim Durham devised a last-ditch maneuver they hoped would persuade Ohio regulators to allow them to keep selling investment certificates.
A series of government-recorded phone calls have provided some of the most riveting courtroom moments during the fraud trial of Tim Durham and two co-defendants.
The accounting firm Tim Durham hired to review the Ohio company’s 2003 finances refused to complete an audit because of concerns about the accuracy of its numbers and the appropriateness of its practices. The FBI raided Fair Finance in November 2009.
Rick Snow, Fair Finance Co.'s former chief financial officer, isn't accused of collecting insider loans like co-defendants Tim Durham and Jim Cochran. But he's facing the same felony charges.
The filing of merger lawsuits is so predictable that many acquiring companies factor in class-action legal costs as a form of “transaction tax” to get their deals done.
Federal prosecutors in the Tim Durham fraud trial on Wednesday sought to introduce into evidence an IBJ investigative report from October 2009, but a judge agreed with a defense attorney and denied the request.
The men who presided over Ohio-based Fair Finance were at their wits end by late 2009. In government-recorded phone calls and intercepted e-mails introduced as evidence in U.S. District Court this week, they come across as exhausted, angry and determined.
The Indiana Securities Division has finalized a settlement with financial-services firm E-Trade following accusations that the company misled Hoosier investors about the safety of auction-rate securities, Secretary of State Connie Lawson said Wednesday.
Donald Russell, a retired deputy sheriff, is among the more than 5,000 clients of Fair Finance who lost big investments with the Ohio firm. After testifying on Tuesday during the fraud trial for Fair owner Tim Durham, he shared his story with IBJ.
Tim Durham and his co-defendants in the fraud case involving Fair Finance sit on the same side of the courtroom, but that doesn't mean their interests are always aligned.