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Last updated on Thursday, April 7, 2011
(INDIANAPOLIS, IN) - An Indiana businessman facing charges in what prosecutors call the largest corporate fraud case in the state’s history was taken into custody by U.S. Marshals following his first appearance in federal court.
Tim Durham appeared before Magistrate Judge Kennard Foster Wednesday to review the terms of his bond release from jail as he awaits trial on 10 counts of wire fraud, one count of conspiracy and one count of securities fraud.
During the hearing, Judge Foster told the defense team he was not satisfied with the list of Durham's assets it provided to the court.
He ordered Durham be taken into custody, outfitted with a GPS tracking device and housed at the Volunteers of America's work release facility in downtown Indianapolis.
Foster wants the defense to present a more detailed list of Durham's assets within one week, so he can review them to determine whether the bond amount is appropriate for his release to home detention.
Prosecutors accuse Durham and two business associates, James Cochran and Rick Snow, of using Ohio-based Fair Finance to scam more than 5,200 people out of more than $200 million.
Investigators say Durham drained huge sums of investor money to fund his lavish lifestyle, purchasing fancy cars and homes.
Durham must live in Indianapolis as he prepares for trial.
He also is only allowed to travel to California and Florida and cannot solicit or handle funds from investors.
The bond amount set for Durham is currently $1 million, backed by his former wife and father-in-law.
He's scheduled to go to trial on May 16th, but that date is expected to be pushed back.
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