A federal appeals court has rejected a former Indianapolis businessman's bid to shorten his 50-year sentence for defrauding investors of more than $200 million.
The 7th U.S. Circuit Court of Appeals affirmed Tim Durham's sentence Wednesday. The court found it had already rejected Durham's earlier challenge to a calculation of losses due to his fraud that factored in his sentence.
Durham was convicted in 2012 of securities fraud, conspiracy and 10 counts of wire fraud for operating a Ponzi scheme that defrauded thousands of investors in his Akron, Ohio-based company, Fair Finance.
A federal judge re-imposed his original 50-year sentence after the 7th Circuit overturned two wire fraud counts.
Durham appealed again, seeking a second re-sentencing.
His attorney did not immediately return a message Thursday seeking comment.