Corporate & Securities Law

The SEC recently filed a civil action charging three senior executives at Akron, Ohio-based Fair Finance Company with orchestrating a $230 million scheme involving over 5,000 investors. 

From 2005 through 2009, it is believed that Fair Finance Company's CEO Timothy S. Durham, Chairman James F. Cochran, and CFO Rick D. Snow, defrauded investors by selling them interest-bearing certificates based upon materially false and misleading misrepresentations and omissions concerning, among other things, Fair Finance?s profitability and financial condition, safety and security of investors' principal and returns, and the use of investor proceeds. 

The executives are believed to have issued loans so that Durham and Cochran could investor money to themselves and others to support their extravagant lifestyles and finance their other struggling and unprofitable businesses.  Fair Finance continued to raise hundreds of millions of dollars from investors by using false and misleading financial statements and other information contained in the offering circulars. Durham, Cochran and their related companies never repaid these loans and they used new investor proceeds to repay earlier investors in a classic Ponzi scheme manner.

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with Fair Finance Company, you may be eligible for an immediate theft loss tax deduction.  Under a new IRS safe harbor rule, you may be eligible for an immediate theft loss tax deduction of 95% of your losses, or 75% of your losses if you pursue third-party recovery. Please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 for more details.