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Courts and Crime


Still no money for Fair Finance victims
Investigations and litigation continue but no big payouts to victims of $200 scam yet
by WKSU's TIM RUDELL


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Tim Rudell
 
Federal building in downtown Akron. The Federal Bankruptcy Court handling the Fair Finance case is located here.
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Again, no money is coming in the immediate future for victims of the Fair Finance fraud. In a status report to the U.S. Bankruptcy Court in Akron, the Fair Finance bankruptcy trustee said winning judgments against figures in the case has been relatively successful, but collecting on those,not so much.  WKSU’s Tim Rudell reports.

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Brian Bash, the Cleveland attorney appointed Fair Finance bankruptcy trustee, filed his June, 2013 report at the courthouse in Akron. In it, he said default judgments have been obtained for more than $193 million. 

Authorities believe nearly $220 million was stolen by Timothy Durham and others who ran the Akron-based securities seller after buying it a decade ago. AnFormer Fair Finance headquarters building, Akron FBI raid shut it down in late 2009. And the bankruptcy court has been trying to recover assets for more than two years.

Despite the judgments, the report shows that only about $6 million has been recovered so far.  It’s being held in a special fund.

And a scan of the 40-plus entries in the report showing the status of judgments, most were listed as “unlikely to be collectible.”  

But, Bash indicated that the investigation to find assets, and vigorous pursuit  of payments will continue.  


Related WKSU Stories

Convicted Ponzi scheme operator files appeal
Tuesday, December 18, 2012

Former Fair Finance owner likely to spend rest of life behind bars
Friday, November 30, 2012

Durham says he feels bad for Fair Finance investors
Friday, November 30, 2012

Judge to hold hearing for convicted owner of Akron-based finance company
Thursday, November 1, 2012

Listener Comments:

The only persons benefiting from this bankruptcy is quite obvious - the attorneys.. I would let the Durham and other thieves out of prison in a job with all the proceeds going directly to the investors. Then return them to prison each night with no privileges. I pray they have repented through Jesus Christ as that would be a reward for all of us that are Christians who were defrauded.


Posted by: Anonymous (Wooster) on October 10, 2014 2:10AM
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