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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. I work with some older lawyers in the 70s, 80s, and they are sharp as tacks compared to the foggy minded, undisciplined, inexperienced, listless & aimless "youths" being churned out by the diploma mill law schools by the tens of thousands. A client is generally lucky to land a lawyer who has decided to stay in practice a long time. Young people shouldn't kid themselves. Experience is golden especially in something like law. When you start out as a new lawyer you are about as powerful as a babe in the cradle. Whereas the silver halo of age usually crowns someone who can strike like thunder.

  2. YES I WENT THROUGH THIS BEFORE IN A DIFFERENT SITUATION WITH MY YOUNGEST SON PEOPLE NEED TO LEAVE US ALONE WITH DCS IF WE ARE NOT HURTING OR NEGLECT OUR CHILDREN WHY ARE THEY EVEN CALLED OUT AND THE PEOPLE MAKING FALSE REPORTS NEED TO GO TO JAIL AND HAVE A CLASS D FELONY ON THERE RECORD TO SEE HOW IT FEELS. I WENT THREW ALOT WHEN HE WAS TAKEN WHAT ELSE DOES THESE SCHOOL WANT ME TO SERVE 25 YEARS TO LIFE ON LIES THERE TELLING OR EVEN LE SAME THING LIED TO THE COUNTY PROSECUTOR JUST SO I WOULD GET ARRESTED AND GET TIME HE THOUGHT AND IT TURNED OUT I DID WHAT I HAD TO DO NOT PROUD OF WHAT HAPPEN AND SHOULD KNOW ABOUT SEEKING MEDICAL ATTENTION FOR MY CHILD I AM DISABLED AND SICK OF GETTING TREATED BADLY HOW WOULD THEY LIKE IT IF I CALLED APS ON THEM FOR A CHANGE THEN THEY CAN COME AND ARREST THEM RIGHT OUT OF THE SCHOOL. NOW WE ARE HOMELESS AND THE CHILDREN ARE STAYING WITH A RELATIVE AND GUARDIAN AND THE SCHOOL WON'T LET THEM GO TO SCHOOL THERE BUT WANT THEM TO GO TO SCHOOL WHERE BULLYING IS ALLOWED REAL SMART THINKING ON A SCHOOL STAFF.

  3. Family court judges never fail to surprise me with their irrational thinking. First of all any man who abuses his wife is not fit to be a parent. A man who can't control his anger should not be allowed around his child unsupervised period. Just because he's never been convicted of abusing his child doesn't mean he won't and maybe he hasn't but a man that has such poor judgement and control is not fit to parent without oversight - only a moron would think otherwise. Secondly, why should the mother have to pay? He's the one who made the poor decisions to abuse and he should be the one to pay the price - monetarily and otherwise. Yes it's sad that the little girl may be deprived of her father, but really what kind of father is he - the one that abuses her mother the one that can't even step up and do what's necessary on his own instead the abused mother is to pay for him???? What is this Judge thinking? Another example of how this world rewards bad behavior and punishes those who do right. Way to go Judge - NOT.

  4. Right on. Legalize it. We can take billions away from the drug cartels and help reduce violence in central America and more unwanted illegal immigration all in one fell swoop. cut taxes on the savings from needless incarcerations. On and stop eroding our fourth amendment freedom or whatever's left of it.

  5. "...a switch from crop production to hog production "does not constitute a significant change."??? REALLY?!?! Any judge that cannot see a significant difference between a plant and an animal needs to find another line of work.

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