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


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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,

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