Legal Issues and Fraud and Criminal Charges and Courts and Tim Durham and Law

Indicted businessman to remain in halfway house

April 7, 2011

A federal judge has denied a request by a former Indiana businessman accused in a $200 million fraud scheme to be released from a halfway house.

Timothy Durham had been released on $1 million bond by a magistrate in Los Angeles. But when he arrived in Indianapolis for a hearing Wednesday, a magistrate ruled that Durham hadn't provided adequate reports of his finances and sent him to a halfway house for seven days while his assets were reviewed.

Durham's attorney argued that the magistrate didn't have that authority, but Judge Jane Magnus-Stinson said Thursday that the condition of Durham's assets were "certainly relevant to his conditions of release."

Durham and two business partners are accused of defrauding about 5,000 investors in Akron, Ohio-based Fair Finance Co. of at least $200 million.

Earlier Thursday, the judge set a July 2012 court date for Durham's trial.

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