Corporate & Securities Law

Investors Still Unable To Access Accounts At Fair Finance

By Steven Caruso

Offices of Tim Durham?s Akron-based Fair Finance Company remain closed following FBI raids that occurred on Nov. 24. Today, a lawyer representing Durham said customers may have access to their accounts next week, although not to 100% percent of their investments.

The FBI, the U.S. attorney?s office and the Securities and Exchange Commission (SEC) all have been investigating whether Fair Finance is a Ponzi scheme that defrauded Ohio investors. As reported Dec. 2 by the Akron Beacon Journal, reopening the company, as well as offices elsewhere in the Ohio area, depends in large part on whether Fair Finance is able to get its computers back from federal investigators.

Durham, an Indiana businessman, bought Fair Finance (also known as Fair Financial) in 2002.

Meanwhile, investors sit and wait, hoping for a glimmer of hope. One man arriving at the offices of Fair Finance on Monday morning said he saw an 85-year-old investor who appeared distraught about his investments.

?He couldn?t talk. There were tears in his eyes,? he said in the Dec. 2 story by the Akron Beacon Journal. ?This guy couldn?t afford to lose it. My heart went out to him.?

Full post as published by Representing Investors on December 02, 2009 (boomark / email).