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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA former Indianapolis financier in federal prison for a $200 million investment fraud has been ordered to pay $1 million over the disputed auction of a 1930 Duesenberg automobile.
A federal judge ruled Timothy Durham owes that money to a Michigan couple from the car's 2009 auction at the Auburn Cord Duesenberg Automobile Museum. The judge determined the auction was "a sham."
The Journal Gazette reports the judge found that Durham was involved in rigging the auction. A Virginia man, James Scott, bought the Duesenberg that once belonged to William Randolph Hearst for $3 million, but he never received its title. Durham had used the title as collateral to secure a loan for one of his companies.
The judge ruled Durham owed $1 million to Donald and Joan Lyons of Dowagiac, Mich. The couple and others have paid more than $2 million to Scott.
The couple is unlikely to collect from Durham, who was sentenced in 2012 to 50 years after being found guilty in 2012 of masterminding a $200 million Ponzi scheme against 5,000 or so Ohio investors.
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