Boccieri Asks What Next, After Fair Finance Owners' Cars Seized

Press Release

In light of recent news that the Federal Bureau of Investigation (FBI) seized some of alleged Ponzi scheme operator Tim Durham's luxury cars over the weekend, U.S. Congressman John Boccieri (D-Alliance) applauded the agency for finally moving to secure the assets of Durham during the investigation into alleged wrong doing by Fair Finance.

"After many months of pressuring from my office and countless angry investors yelling at the top of their lungs, some of Tim Durham's assets are finally frozen. While this is little solace to those investors whose life savings hang in the balance, it does provide a glimmer of hope that we are moving toward returning some of the money hundreds of my constituents invested with Fair Finance.

"While I am pleased the FBI moved to seize some of Durham's assets, I remain extremely worried that hundreds of investors still have thousands of dollars in flux. I know the FBI is moving to freeze the assets of other alleged Ponzi scheme operations nationwide. Recent news reports confirm a court order the government obtained to freeze the assets of an estate belonging to a Florida man alleged of a $34 million Ponzi scheme targeting federal employees and law enforcement agents.

"But I want to know what took so long in Ohio. The news that assets in other Ponzi schemes can be frozen confirms that law enforcement officials have the ability to protect the investments of those affected in my district and I urge them to continue to aggressively protect the retirements, livelihoods, and life-savings of the thousands of constituents in my district who have been waiting for answers."

On behalf of his constituents at risk, Congressman Boccieri recently supported two pieces of legislation to combat financial fraud and offer tax relief for victims of Ponzi schemes.

The Financial Crisis of 2008 Criminal Investigation and Prosecution Act, H.R. 3995, authorizes additional hiring at the FBI, Department of Justice and Securities and Exchange Commission to combat fraud. A bipartisan bill, H.R. 1159, allows for enhanced tax deductions for losses sustained from a Ponzi scheme, extends the carry back period on net operating losses from these schemes, and waives certain limitations on charitable deductions from these schemes.

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