The Indiana Lawyer Announced on March 31, 2011, that the Fair Finance Co.’s bankruptcy trustee had reached a $371,000 settlement with an Indianapolis attorney who was accused of defaulting on a 2003 loan from the business. The trustee had sued the Indiana attorney and his wife, saying that the couple failed to pay off a $250,000 loan that matured in 2006. Accrued interest had raised the amount owed to over $370,000.
The Indianapolis attorney, Stephen Plopper, agreed to pay the full amount owed according to a filing in the U.S. Bankruptcy Court for the Northern District of Ohio. Steve Plopper had served as Secretary of Fair Holdings, a parent of the Akron-based financial firm. Authorities have said that the company executives engaged in related party loans, thus depriving Fair Finance Co., et al., of its ability to repay investors.