A federal magistrate granted the release of Tim Durham from a halfway house on Monday after the indicted financier produced a more thorough accounting of his finances.
Magistrate Kennard Foster, unsatisfied with Durham’s financial disclosures, ordered him on April 6 to a halfway house at 611 N. Capitol Ave. in Indianapolis operated by Volunteers of America of Indiana Inc.
On Monday, Durham produced a 20-page statement that met Foster’s approval. The document is sealed to the public.
Durham, 48, is charged with 12 felony counts, including conspiracy to commit wire and securities fraud. He and two business partners, James Cochran and Rick Snow, are accused of defrauding about 5,000 investors in Akron, Ohio-based Fair Finance Co. of more than $200 million.
Durham, whose whereabouts will be monitored by a GPS tracking device, will stay at an undisclosed location. Durham’s lawyer, Howard Srebnick of Miami, said he would not stay at the 10,700-square-foot estate Durham previously owned at Geist Reservoir.
Durham was arrested March 16 at his home in Los Angeles.
A federal magistrate in Los Angeles on March 21 ordered Durham, who lives in California, released on $1 million bond. The bond was posted by Joan and Beurt SerVaas, Durham’s ex-wife and her father.
Foster on Monday ordered Durham to secure the surety bond within seven days. Srebnick told Foster that “we have property that is worth double the value of the bond, free and clear of any encumbrances, owned by Beurt SerVaas.”
A jury trial is set for June 8, 2012.
More of IBJ's coverage of Tim Durham and Fair Finance can be found here.