Fair Finance fraud felon Tim Durham will get a chance to grill his former trial attorney and call more than a dozen witnesses during an evidentiary hearing into whether he received proper representation before he was sentenced to 50 years in federal prison.
Without a big settlement, or a resounding victory at trial, victims in the fraud would be left with an underwhelming recovery—currently 11 cents on the dollar, based on distributions of $18 million in December 2015 and $5 million last October.
Investors in the Durham-owned Fair Finance Co. are slated to receive an additional $5 million soon, boosting their recovery to $23 million—which works out to about 11 cents on the dollar for their $208 million in losses.
The convicted Ponzi scheme leader again is asking a federal court to vacate the sentence, this time claiming his lawyer failed to adequately represent him.
The civil lawsuit had been on hold until last year, when Durham finally exhausted his appeals in a criminal case that culminated with the Indianapolis businessman’s sentencing in 2012 to 50 years in prison.
Philadelphia-based PalmStar Media has bought National Lampoon Inc., a deal that severs the final ties between the company and a contingent of Indianapolis shareholders, including convicted fraudster Tim Durham.
A federal judge rejected Durham’s “puzzling” argument from prison for reimbursement of loans and advances he made to National Lampoon Inc., the media company best known for its former humor magazine and the comedy movie classic “Animal House.”
The 14,480-square-foot home was once a party pad for the infamous financier. The Fishers couple who bought it in 2015 is now selling after making several improvements.
An appeals court ruling has cleared the way for Fair Finance Co.'s bankruptcy trustee to revive a lawsuit against one of the company's lenders,a Fortune 500 company with extensive resources. The trustee was able to extract a $35 million settlement from another one of the company's lenders.
Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.
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.
When Judge Jane Magnus-Stinson sentenced Durham to 50 years in 2012, she said there was no point to handing down a sentence that was a multiple of his likely life span.
The deal would resolve a 2011 lawsuit accusing former Indianapolis businessman Tim Durham of using Fair Finance funds to prop up National Lampoon. He is a former CEO of both companies.
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.
A former Indianapolis financier in federal prison for a $200 million investment fraud has been ordered to pay $1 million over the disputed auction of a 1930 Duesenberg automobile.
Lender JPMorgan Chase & Co. took possession of convicted Ponzi schemer Tim Durham’s Geist mansion Thursday after the property failed to draw an offer higher than the bank’s base bid of $2.24 million.