By Jim Mackinnon
Beacon Journal business writer
Former Fair Finance Co. co-owner James Cochran, living in an Illinois prison, doesn’t have much use for a country club membership.
A refund of Cochran’s membership — $157,500 — now is part of the Fair Finance estate, according to the latest status report filed with U.S. Bankruptcy Court in Akron. The report does not name the country club.
Cochran, along with Fair Finance co-owner Tim Durham and former Chief Financial Officer Rick Snow, were found guilty last year in Indianapolis on numerous charges of bilking about 5,300 Ohio residents out of more than $200 million the residents had invested with Akron-based Fair Finance. All three men were sentenced to prison.
Fair Finance’s corporate parent since 2002 was in Indianapolis.
The monthly status report from Fair Finance Trustee Brian Bash says there is now a bit more than $6.3 million, collected in settlements, in a money market account set up for the company’s estate. The report also lists millions of dollars that are owed in legal and professional fees.
The monthly status hearing is scheduled for 10:15 a.m. today in bankruptcy court in downtown Akron.
Fair Finance was founded in 1934 and managed accounts receivables and consumer loans. It was forced into bankruptcy in February 2010 following FBI raids on its offices in late November 2009.
Jim Mackinnon can be reached at 330-996-3544 or email@example.com.