the republic logo

Trustee for company formerly run by Indianapolis businessman reaches $35M settlement


INDIANAPOLIS — The bankruptcy trustee for an Ohio company formerly run by an Indianapolis businessman convicted of defrauding investors has reached a $35 million settlement with a New York firm, clearing the way for victims to recoup some of their $205 million in losses.

The Indianapolis Business Journal reported Tuesday ( ) that trustee Brian Bash had accused Fortress Credit Corp. of turning a blind eye to a Ponzi scheme that Tim Durham was convicted of running because it was making money and held first liens on the only company assets with real value.

The $35 million settlement requires bankruptcy court approval. It is the largest settlement Bash has secured since filing dozens of lawsuits aimed at shrinking the losses of the 5,200 Ohio investors who lost money through Fair Finance Co.

Information from: Indianapolis Business Journal,

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)




Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.