Convicted Ponzi scheme leader Tim Durham appeared in federal court in Indianapolis for a resentencing hearing Friday afternoon following the September dismissal of two fraud counts by the U.S. Court of Appeals.
The bankruptcy trustee had accused Fortress Credit Corp. of turning a blind eye to Tim Durham's Ponzi scheme because it was making millions of dollars and held first liens on the only company assets with real value.
The appellate court reduced Tim Durham's felony convictions from 12 to 10 and ordered him resentenced. It said the government, in an "oversight," had failed to submit key evidence related to the two dismissed counts.
The bankruptcy trustee who has been trying to scrape together money for victims of Indianapolis financier Tim Durham’s Ponzi scheme just struck two lawsuit settlements that underscore the daunting obstacles he faces.