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.
The former controller at Fair Finance is testifying at the fraud trial of Tim Durham as a star witness for the federal government in exchange for immunity from prosecution.
The man whose father founded Ohio-based Fair Finance during the Great Depression led off the government's case on Monday against the Indianapolis men accused of looting the company and leaving its investors with $200 million in losses.
A federal judge and a handful of attorneys are selecting jurors who could determine the fate of indicted financier Tim Durham and his co-defendants. The jury-selection process, which began Friday morning, launched what’s expected to be a three-week trial over alleged wire and securities fraud.
Oregon authorities say 62-year-old Phillip Ferguson died last week from a gunshot wound to the head soon after fleeing from two officers and an FBI agent. Ferguson vanished in 2000 after being accused of bilking more than 600 investors out of $30 million.
A dismal U.S. jobs report and other evidence of a global economic slowdown clobbered U.S. stocks Friday.
Indianapolis investment firm E&A Industries is cashing out of its majority stake in Udi’s Healthy Foods LLC by selling the Denver-based food company to margarine maker Smart Balance Inc. for $125 million.
Indiana's secretary of state is urging investors to thoroughly vet new online investment operations coming under a new federal law.
A partnership of Herb Simon and Jeff Smulyan filed plans to buy up to an additional 1 million shares of Emmis Communications Corp. at no more than $2 apiece.
The FBI had been investigating Tim Durham since March 2009, when his friend Dan Laikin, a Fair Finance board member, offered up incriminating information on the Indianapolis financier in hopes of securing a lighter sentence for himself in an unrelated case.
City Securities co-chairman still dispenses wisdom accumulated over a career touching on everything from baseball to folding doors.
The NASDAQ exchange notified the Indianapolis-based company on Tuesday that its stock avoided delisting after shares traded above $1 for 10 consecutive trading days. Emmis has been in danger of losing its NASDAQ status for several years.
The Indianapolis-based company said it plans to sell 8.4 million shares, most of them held by current stockholders.
