News Sections
Audio
Indy Businessman Charged With Operating Ponzi Scheme
Updated May 5, 2013 12:07 AM | Filed under: Network Indiana
 Print    Archive    RSS

(INDIANAPOLIS, IN) - The federal government has filed court papers alleging 47-year-old Indianapolis businessman Timothy Durham operated a ponzi scheme.

Federal authorities are seeking forfeiture of his property, including his 30,000-square-foot Geist mansion, a home in Los Angeles and his 2008 Bugatti sports car.

The charges were filed the same day the FBI executed search warrants November 24th at Durham's principal office in downtown Indianapolis and at the Akron, Ohio offices of Fair Finance Company.

The U.S. Attorney's Office for the Southern District of Indiana Alleges Durham, his associates and his companies committed fraud by telling prospective buyers of fair finance investment certificates that the money would go toward purchasing low-risk consumer loans. Instead, the money allegedly went to a ponzi scheme, using money from new investors to pay what it owed prior investors.

An Indianapolis Business Journal story noted that Durham and related parties owe fair finance company more than $168 million.



« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to comments@wbiw.com

Advertise with 1340 AM WBIW
Advertise with 1340 AM WBIW


1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2014 Ad-Venture Media, Inc. All Rights Reserved.   WBIW.com and Listen Live Powered by HPC

Advertise  |  Careers  |  About  |  Feedback