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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA 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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