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Durham follows magistrate's order, moves from sister's house

IBJ Staff
August 25, 2011
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Indicted financier Tim Durham has complied with a federal magistrate’s wishes to move out of his sister’s house in Geist and is now staying at an undisclosed residence in the downtown Indianapolis area.

Durham had been living on home detention at his sister's house since shortly after his April arrest on 12 felony counts stemming from the collapse of Fair Finance Co., the Akron, Ohio, firm he's accused of looting.

In a sealed motion, he recently asked for permission to move back into his 20,000-square-foot Geist mansion. According to an objection filed by federal prosecutors, Durham made the request because his sister was concerned for her safety because of threats made against Durham.

But Magistrate Judge Kennard Foster noted on Aug. 19 that both his sister's house and his mansion were in foreclosure and that alone “is a good reason for Mr. Durham not to be there.” He said the Volunteers of America halfway house in Indianapolis where he lived for five days after his arrest would provide an environment that protected Durham's safety.

Durham’s lawyer, John Tompkins, persuaded Foster to give him 72 hours to work with the Probation Department on a new place for Durham to live. Under Foster's order, if Durham and the Probation Department hadn’t come up with a location within the 72 hours, Durham would have lived at the VOA.

“Yes, he has alternate housing,” Tompkins said on Wednesday. “The move has been uneventful and successfully completed.
A 23-page grand jury indictment alleges Durham and business partner James F. Cochran worked with former Fair Finance Chief Financial Officer Rick D. Snow to devise and execute a scheme to defraud Fair's investors.

Authorities say that after Durham bought Fair in 2002, he doled out related-party loans with abandon, leaving the company unable to repay Ohio residents who purchased unsecured investment certificates boasting interest rates as high as 9.5 percent. More than 5,200 investors are owed more than $230 million.

Durham, Cochran and Snow have denied wrongdoing.

More of IBJ's coverage of Durham and Fair Finance can be found here.

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  • money from empolyees
    all i can say about this man is, every since he has bought United Trailers in Bristol ind. several peace rate employees wages have been cut, they will build same amount of trailers, they did before he took over and only half the pay they did, some made over 48-50 thou, and now are making less than 36-40. understand economy has effected everyone, but this was happening before things got to bad. he pays what he wants and how he wants, some of his employees are living with family members, or have lost cars, and have to catch ride with fellow employees, something more is going on with him, but now one care, labor board stated, they can pay what they want!
  • how what ?
    who bought the paper of fair financial? who owns the time share loans and what price did they pay for 200 million in high interest loans? that is the crime
  • Undisclosed
    Anyone check to see if he is staying with brizzi
  • Undisclosed
    Why is it not public information as to where he is staying. In only took two days the first time to find him
  • Three Stooges
    Here is a better question, who is paying the bills at that mansion. Little Timmy would be my guess. the trustee wanted to go after National Lampoon which has been a loser since timmy and danny took it over, here's a better idea remake the "Odd Couple". They could film from jail and show how Dan drove national lamppon in the ground and Timmy ruined fair. Maybe then some people in Ohio could get some money back. Better idea maybe go after the companies that still exist.....And where is this undisclosed location downtown and who is paying for it????? someone please do some research
  • Reply
    Correct me if I,m wrong, but how does Gary Salee Dan North and Doctor, I can get rid of your fat but failed with durham, manage to live in the mansion anyway without paying a cent it's a party house
  • Will Someone Please Post Where He Has Relocated?
    Will someone please post where he has relocated when you find out? It would be nice to know if it is actually the empty Governor's Mansion.
  • the dude just makes me sick!
    I'm just your average hoosier...working for a living and saving for the future and this whole crowd of upscale theives just make me sick! I just don't understand ho wanyone can get up in the morning and with intent and purpose take other peoples money, and beleive that they are entitled to steal because they figured out a way to do it. Anyone of us could be victims of this kind of thievery....I hope that the judicial system will send a message of severity for this crime....to save the rest of us from being victims
  • Diamond Pointe is "Geist"
    With a view of the lake, deeded boat dock and pool in the back yard at the gated, "Diamond Pointe", I'd say, that's definitely Geist
  • re
    Tim's sisters house, and gym were funded with money given to her from the Fair Finance monies. No UCC lien was filed by Tim that we can find with regards to those entries, or to any of the monies given himself or his equally greedy mooch friends. Ironic that Gary Sallee and company are allegedly living in the Geist mansion that has not been paid on in about 2 years. I almost have to laugh except none of this is funny to the elderly people living over in Wooster, Ohio who will not have Christmas this year.

    Tim Durham should be put into a jail cell with no bail--period. EVERY ONE OF HIS FRIENDS who took money and now claim to have a loan despite having mortgages shoudl be charged with BANK FRAUD and arrested. Otherwise, what incentive is there for any of them to tell the truth? One of them will turn if that happens.

    Of course with Ong at the helm it ain't gonna happen and Timmy will get off, which is why he constantly wears those $250 Raybans and a smirk on his face whenever you see him.

    Maybe he is living in the warehouse on Center. Ha ha.
    • Question
      Tim Durham is "now staying at an undisclosed residence in the downtown Indianapolis area."?

      Would that residence happen to be the empty Governors mansion?
    • Durham's sister does not live "in Geist"
      Unless she lives in Germantown, which was flooded when the reservoir was built.

      She lives in the Geist area.

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