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Indy lawyer pays $371,000 to settle Fair Finance lawsuit

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Fair Finance Co.’s bankruptcy trustee has reached a $371,000 settlement with Stephen Plopper, an Indianapolis attorney accused of defaulting on a 2003 loan from the Tim Durham-owned business.

Trustee Brian Bash sued Plopper and his wife, Linda, in February, saying the couple failed to pay off a $250,000 loan that matured in 2006. Accrued interest pushed the amount owed past $370,000, according to the lawsuit.

Rather than contest the suit, the Ploppers agreed to pay the full amount owed, a filing in U.S. Bankruptcy Court for the Northern District of Ohio shows. The deal represents a rare victory for Bash, who has struggled to recover money for the more than 5,200 Ohio investors who purchased unsecured investment certificates from Fair. The investors are owed more than $230 million.

Money collected so far will help cover the cost of Bash’s legal effort.

In a recent posting on the Fair Finance trustee’s website, Bash wrote: “I cannot be certain there will be any recovery, and I would be very surprised if the recovery approached twenty-five percent.”

Stephen Plopper served as secretary of Fair Holdings, parent of the Akron-based finance firm. He formerly operated his law practice out of the top floor of the Chase Tower in downtown Indianapolis, sharing space with Durham.

Plopper is among more than a dozen Durham associates who received loans from Fair after Durham and fellow Indianapolis businessman Jim Cochran bought the business in 2002.

In January, the trustee sued Durham's sister, Dana Osler, and her husband, Jeffrey Osler, charging they defaulted on a company loan and now owe $1.2 million. Jeffrey Osler served as executive vice president and a board member of Obsidian Enterprises Inc., Durham’s Indianapolis-based buyout company.

A federal grand jury this month indicted Durham, Cochran and Fair’s chief financial officer, Rick Snow, on 12 felony counts. The indictment alleges the trio worked together to devise and execute a scheme to defraud purchasers of Fair’s investment certificates.

Authorities say company executives doled out related-party loans with abandon, stripping Fair of its ability to repay investors.

Attorneys for the defendants have denied wrongdoing or have declined to comment.

More coverage of the Fair Finance fraud investigation can be found here.

This story originally ran in the March 31, 2011, IBJ Daily.
 

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  1. Some are above the law in Indiana. Some lined up with Lodges have controlled power in the state since the 1920s when the Klan ruled Indiana. Consider the comments at this post and note the international h.q. in Indianapolis. http://www.theindianalawyer.com/human-trafficking-rising-in-indiana/PARAMS/article/42468. Brave journalists need to take this child torturing, above the law and antimarriage cult on just like The Globe courageously took on Cardinal Law. Are there any brave Hoosier journalists?

  2. I am nearing 66 years old..... I have no interest in contacting anyone. All I need to have is a nationality....a REAL Birthday...... the place U was born...... my soul will never be at peace. I have lived my life without identity.... if anyone can help me please contact me.

  3. This is the dissent discussed in the comment below. See comments on that story for an amazing discussion of likely judicial corruption of some kind, the rejection of the rule of law at the very least. http://www.theindianalawyer.com/justices-deny-transfer-to-child-custody-case/PARAMS/article/42774#comment

  4. That means much to me, thank you. My own communion, to which I came in my 30's from a protestant evangelical background, refuses to so affirm me, the Bishop's courtiers all saying, when it matters, that they defer to the state, and trust that the state would not be wrong as to me. (LIttle did I know that is the most common modernist catholic position on the state -- at least when the state acts consistent with the philosophy of the democrat party). I asked my RCC pastor to stand with me before the Examiners after they demanded that I disavow God's law on the record .... he refused, saying the Bishop would not allow it. I filed all of my file in the open in federal court so the Bishop's men could see what had been done ... they refused to look. (But the 7th Cir and federal judge Theresa Springmann gave me the honor of admission after so reading, even though ISC had denied me, rendering me a very rare bird). Such affirmation from a fellow believer as you have done here has been rare for me, and that dearth of solidarity, and the economic pain visited upon my wife and five children, have been the hardest part of the struggle. They did indeed banish me, for life, and so, in substance did the the Diocese, which treated me like a pariah, but thanks to this ezine ... and this is simply amazing to me .... because of this ezine I am not silenced. This ezine allowing us to speak to the corruption that the former chief "justice" left behind, yet embedded in his systems when he retired ... the openness to discuss that corruption (like that revealed in the recent whistleblowing dissent by courageous Justice David and fresh breath of air Chief Justice Rush,) is a great example of the First Amendment at work. I will not be silenced as long as this tree falling in the wood can be heard. The Hoosier Judiciary has deep seated problems, generational corruption, ideological corruption. Many cases demonstrate this. It must be spotlighted. The corrupted system has no hold on me now, none. I have survived their best shots. It is now my time to not be silent. To the Glory of God, and for the good of man's law. (It almost always works that way as to the true law, as I explained the bar examiners -- who refused to follow even their own statutory law and violated core organic law when banishing me for life -- actually revealing themselves to be lawless.)

  5. to answer your questions, you would still be practicing law and its very sad because we need lawyers like you to stand up for the little guy who have no voice. You probably were a threat to them and they didnt know how to handle the truth and did not want anyone to "rock the boat" so instead of allowing you to keep praticing they banished you, silenced you , the cowards that they are.

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