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Indicted financier Durham ordered released on $1M bond

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A federal magistrate in California has ordered a former Indiana businessman accused in a $200 million fraud scheme released on $1 million bond.

U.S. Attorney's spokesman Thom Mrozek in Los Angeles said in an e-mail message that Timothy Durham's bond was set Monday and he was expected to be released soon.

Durham's attorney didn't return e-mails and phone calls seeking comment.

Durham was ordered to appear in court in Indianapolis by April 4. Mrozek says he'll be subject to home detention in Indiana.

Joan and Beurt SerVaas, Durham’s ex-wife and her father, posted the $1 million bond, according to WISH-TV.

Durham and two business partners were arrested Wednesday after being indicted on 12 counts, including conspiracy to commit wire and securities fraud, wire fraud and securities fraud. They're accused of defrauding about 5,000 investors in Akron, Ohio-based Fair Finance Co. of more than $200 million.

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  • Get a clue
    First of I understand the anger, Second lets be real here. These are actually the individuals that hire people, pay employees and what has historically made this country good. If the loans were made in good faith and paid.... no problem. The problem comes when we enter this economy and this disaster as county. 18-20% unemployment. the real # and constant deteriatiion of the countries or lack of countries tax revenue. We cant get the demo to even get to the table to discuss. This is how messed up we are. I truly want to leave this mess and go to france. At least it is honest and real. WE bonb contries that had to be approved and after the fact act like a policital dumbass. Bottom line this county is falling apart in every aspect. I am a business owner and truly think this mess although a mess was never meant to end like this. It is guys trying to make a buck, the american dream ,continually employ people and grow. When u have an economy dieing it becomes "When do I quit". Quitters and unions did not make this county. Never will, but with attorneys certainly can destroy it. These are not crukes but people that tried to grow and unfortunately invested in bad companies. If any one of us invested in a bank, who invested in other companies to pay intereste and dividends, over the last 8 years, you lost. Ponzi at its best is the entire banking industy. Take in revenue, invest it, win or loss, and hopefully win. Bottom line, there is not a bank that succeeded. We as tax payers bailed them out. Why in the hell is this a ponzi. Maybe at least some people that dont understand the world and FDIC, but i think more over some that felt like they had the golden goose. Love some comments to this.
    • Hate to be in "his" shoes
      I am not talking about "Durham" but I am talking about Joan's current husband. I Never in a million years wouldx let my ex bail out her ex and co mingle funds. Maybe the last laugh will be on Durham when good old Beeurt takes the money and doesn't give a dime to TD
    • The Drug: OPM
      I'm sure Durham was very good to you. I would be too if I could use the drug called "Other Peoples Money!" I too wish Tim "Made-Off" Durham well. I want him to have a very long life- in prison.
    • Such is Life
      Tim was always good to me, I wish he and his friends and family the best.

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