A press release from Fair Finance on the state of its affairs leaves many unanswered questions, not the least of which is when and if investors will be able to redeem their investment certificates. Fair Finance, which is owned by Indianapolis businessman Tim Durham, has been closed since Nov. 24, after the FBI seized banking documents and other records at Fair’s headquarters in Akron, Ohio. Another Durham-owned business, Indianapolis-based Obsidian Enterprises, was raided by FBI agents that same day.
The U.S. Attorney’s Office in Indianapolis filed court papers last month alleging that Fair Finance (also known as Fair Financial) had been operating a Ponzi scheme, using money from the sale of new investment certificates to pay off earlier investors.
In the press release issued on behalf of Fair Finance by Akron attorney Ron Kaffen, no definitive word is given on when investors – all Ohio residents and the individuals who loaned Fair Finance more than $200 million by purchasing the company’s investment certificates – can collect on what they’re owed. Instead, the release says:
“Fair has still not determined when or if it will be able to resume regular business with regard to the sale and redemption of its investment certificates. Fair also intends to establish a help line in the near future to answer investor related questions. We regret that we have not been able to provide more information regarding these recent developments. Fair intends to provide as much information as is available during the coming days and weeks. We appreciate everyone’s patience as we work through these issues.”