Instead of individually notifying the 5,400 investors that Tim Durham and two business partners are accused of defrauding, prosecutors want to keep them apprised of court proceedings through websites and an automated call center.
Fraud suspect Tim Durham was released from a halfway house on Monday, after a more thorough accounting of his finances was presented to a federal magistrate. Durham had been at the Indianapolis facility since Wednesday.
A federal judge has denied a request by Tim Durham, who is accused in a $200 million fraud scheme, to be released from an Indianapolis halfway house
Federal Judge Jane Magnus-Stinson on Thursday morning vacated the original trial date of May 16 and instead set jury selection for June 8, 2012. Meanwhile, lawyers for Tim Durham argued for his release from a halfway house he was sent to on Wednesday.
A federal magistrate on Wednesday ordered indicted financier Tim Durham held at a halfway house for seven days until he can provide a better accounting of his finances. The magistrate said “money means flight.”
Former Indiana businessman Timothy Durham, 48, who is accused in a $200 million fraud scheme, is scheduled to appear in federal court in Indianapolis on Wednesday at 2:30 p.m.
Fair Finance’s bankruptcy trustee says attorney Stephen Plopper and his wife are paying the full amount due under a loan that matured in 2006.
Still under wraps is the the FBI affidavit in support of the Fair Finance search warrant. Prosecutors contend releasing that "would greatly prejudice the criminal case."
Unlike the other defendants, Fair Finance executive Rick Snow isn’t accused of tapping the company for a bevy of loans, then failing to repay the money.
Joan SerVaas issued a written statement saying she and her father signed off on a $1 million bond because they’re confident Tim Durham will continue to cooperate with federal authorities and abide by the conditions of his release.
U.S. Attorney Joseph Hogsett said Joseph Hinshaw, 57, under-reported his income from 2003 to 2007 to avoid taxes and to obtain federal and state student loans.
A federal magistrate in California has delayed until Monday a detention hearing for Tim Durham, a former Indiana businessman accused of running an elaborate Ponzi scheme that defrauded investors of more than $200 million.
Defense attorneys representing indicted businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. could have a hard time convincing a jury to find them innocent. Federal prosecutors won 94.1 percent of their cases in 2009.
Authorities say Fair Finance, led by indicted businessman Tim Durham, owes 5,200 investors $230 million. But they’re likely to recoup just a “teeny-tiny” fraction.
Timothy S. Durham (pictured at far left), James F. Cochran and Rick D. Snow were all arrested on Wednesday following a grand jury indictment.
Beleaguered local businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. have been indicted on felony charges of wire fraud, securities fraud and conspiracy to commit wire fraud and securities fraud. The Securities and Exchange Commission also filed a complaint against the men in federal court.
A Terre Haute pharmacist faces a possible 10-year prison sentence if convicted of health care fraud and money laundering in a scheme that netted him more than $3.57 million.
The local distributor of wireless phones has filed suit against Massachusetts-based Emptoris Inc., and is looking to recoup millions of dollars it paid the company in addition to the amount it says it spent trying to fix the problem.
Filching ranges from crude to highly sophisticated, experts say.
Fair Finance Co.’s bankruptcy trustee is getting inquiries from parties interested in buying National Lampoon Inc., the Los Angeles-based comedy business led by embattled Indianapolis businessman Tim Durham.
