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Last updated on Friday, June 8, 2012
(INDIANAPOLIS) - Jury selection in the trial of Indianapolis businessman Tim Durham gets underway this morning.
Durham and his partners are facing ten counts of wire fraud, one count of conspiracy to commit wire and securities fraud and one count of securities fraud.
Federal prosecutors allege Durham ran a Ponzi scheme to defraud 5,000 investors out of more than $200 million. They say Durham and partners James Cochran and Rick Snow, also on trial, bilked elderly investors through Fair Finance Co. based out of Akron-Ohio. They say Durham used the money to finance a lavish lifestyle and other ventures.
Prosecutors wiretapped numerous phone conversations as part of their probe. The government has gone after Durham's assets to pay back alleged victims. It's believed Durham owes creditors more than $75 million. However, Durham's attorney John L. Tompkins says the charges are false and Durham didn't rip off anyone.
Jury selection begins at 9:00am in U.S. District Court. Opening arguments are set to begin Monday. The trial is expected to last up to four weeks.
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