A Republican Fund-Raiser Is Indicted in a Ponzi Scheme

[TomCADem]

Source: NY Times

LOS ANGELES — A prominent Republican fund-raiser was charged Wednesday in a federal grand jury indictment with orchestrating a Ponzi scheme that defrauded investors of hundreds of millions of dollars.

The fund-raiser, Timothy Durham, 48, was arrested early in the morning at his West Hollywood home and charged with 12 counts of securities and wire fraud in federal court here.

Prosecutors accuse Mr. Durham of taking money investors trusted to his business, the Fair Finance Company, and using it make loans to himself and his businesses; earlier investors were repaid with money from newer ones.

From 2002 to 2009, more than 5,000 investors were defrauded out of more than $200 million, the indictment said. The company later filed for bankruptcy.

Read more: http://www.nytimes.com/2011/03/17/us/17durham.html?_r=1&src=recg

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Seriously, when are Republicans not promoting what amounts to a ponzi scheme?

[Shiver]

1. Repunlicanism is a Ponzi scheme.

[wysingm]

2. Republicans have resisted returning money

"Republicans have resisted returning this money by making excuses that it already had been spent and that Durham hadn't been charged with a crime," said state Democratic party Chairman Dan Parker. "Well now he has, and we're renewing our call that any candidate or campaign that accepted money from Durham or his company should return that money to the bankruptcy trustee."

http://www.theindychannel.com/news/27230631/detail.html

.

[forty6]

9. Well of course they won't return the money! It's not their nature to

give back anything to anyone, that's the Republican mind-set: "MINE it's all MINE!!!"

[cui bono]

3. When I first read the headline I thought a fund raising event was a ponzi scheme.

Time to get some sleep!

[tanyev]

4. It's how Republicans pull themselves up by their own bootstraps.

[No Elephants]

5. In initial stories, he was described only as a Pub donor. "Fundraiser" put a different light on it.

[Demeter]

6. Pretty Big Crime for Someone So Young

[titaniumsalute]

7. Fair Finance is from my hometown Akron, OH

The Fair family of Akron, OH was an extremely reputable family who gave the region sound financial advice for decades. They were a great investment firm.

In 2002 the family sold the company to Tim Durham (the guy arrested in the above article) who distryoed a great company and many people's lives.

My best friend lost $20,000 of his retirement, his father lost $60,000 of his retirement, and my father-in-law lost $15,000 of his retirement. And that's the tip of the iceburg.

I hope this asshole gets everything coming to him in the days. If karma is true, let it start now.

[fittosurvive]

8. Initially, I thought this was going to be about the SS fund.

But then, I saw that the scam was for mere hundreds of millions. Evidently, if you pull off a scam that is worth a couple of trillion, you are able to pretty much buy anyone off.

[onager]

10. Jebus Crisco, ANOTHER one?

See this asshole? No, not that asshole in the middle of the photo - the other, male asshole, to her right.

That's Scott Rothstein. Indicted in 2010 for a Ponzi scheme the experts called "Bernie Madoff on crack." Even worse, Rothstein was peddling phony investments in big medical-injury cases. The cases were anything but phony - they were real people, hurt on real jobs. Many of whom lost everything due to Rothstein's greed.

Like most of his ilk, Rothstein spent the money on such tasteful accoutrements as a leopard-skin couch, a collection of wristwatches and a yard full of Rolls-Royces. And - though I'm sorta guessing at this one - a pair of new and massive gazongas for Mrs. Rothstein.

http://www.sun-sentinel.com/news/broward/rothstein/