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.”
December 3rd, 2009 at 11:31 am
So, I would hope that Tim Durham & team would come to their senses and offer CD’s at a more realistic yield – e.g. 5% – given the currently state of the economy. This would still be much better return FDIC insured CD’s, but give Fair Finance much better chance of staying solvent. I believe the previous owner, Mr Fair, who launched this company during the Great Depression, said the same thing.
December 7th, 2009 at 1:44 pm
How will we know when and where to make claim……if there is one? I am a 73 year old retiree, alone and fighting cancer and cannot afford to lose my investment. How oes this happen in America? This type of robbery is the same as a bank robber with gun. Let us hope he doesn’t get away with it or put him where the other robbers are….in jail.