Fair Finance Co. issued a news release this morning saying it is getting back ''the bulk'' of its computers and anticipates restarting its accounts receivable billing and collection business since being raided by the FBI last month.
The Akron-based company said it does not know when or if it will be able to resume selling and redeeming its investment certificates.
The company did not say when it planned to reopen.
The company said it intends to set up a help line to answer investor-related questions.
The release says in its entirety:
''Fair Finance Company, a Contract Factoring and Accounts Receivable Management company, recently had its computers, servers, operating documents and papers seized by the U.S. Attorney's Office.
''Since that time, representatives with Fair have been working with the U.S. Attorney's Office to obtain the quickest possible return of the above mentioned items.
''Fair Finance is currently receiving the bulk of its computers and servers. Fair will begin reinstalling these computers and servers as quickly as possible.
''Fair anticipates that it will be able to resume regular billing and collection efforts with regard to its loan receivables.
''Fair has still not determined when or if it will be able to resume regular business with regard to the sale and redemption of its investment certificates. Fair also intends to establish a help line in the near future to answer investor related questions.
''We regret that we have not been able to provide more information regarding these recent developments.
''Fair intends to provide as much information as is available during the coming days and weeks. We appreciate everyone's patience as we work through these issues.''
Akron attorney Ron Kaffen, who sent out the news release, said he intends to issue a response today to questions sent out by the Ohio Division of Securities regarding Fair Finance's request to sell up to $250 million in new investment certificates.
The FBI raided the Akron headquarters at 815 E. Market St. on Nov. 24, and carried out a simultaneous raid at Obsidian Enterprises, an Indianapolis business run by Fair Finance co-owner Tim Durham. Durham, an Indiana businessman, became a co-owner of Fair Finance with business partner James Cochran when they bought the company from the Fair family in 2002.
Court records show that the U.S. Attorney's Ofice for Southern Indiana suspected Fair Finance was being run as a Ponzi scheme. A civil lawsuit containing those allegations was filed Nov. 24 to seize assets of Fair Finance and Durham, but the suit was voluntarily withdrawn in less than a week. The U.S. Attorney's Office said it has been continuing its investigation into Fair Finance, Obsidian and Durham.
Jim Mackinnon can be reached at 330-996-3544 or email@example.com.