IPR News

Indiana financier Tim Durham sentenced to 50 years for bilking investors

by Indiana Public Broadcasting

November 30, 2012

Indianapolis businessman Tim Durham has been sentenced to 50 years in prison for bilking investors out of $200 million.  Prosecutors in front of the US District Court in Indianapolis sought a 225-year prison sentence.  Durham’s attorney asked for a sentence of three years in prison and two years of home detention.   Today, Judge Jane Magnus-Stinson and the court heard from victims of Durham’s failed investment bank – Akron, Ohio-based Fair Finance.  One victim was an elderly nun who lost more than one hundred thousand dollars of her own money.  She had planned to use the funds to help build a school for mentally-challenged children.  Durham did speak in his own defense, but the judge later said she did not find remorse in his statement.   More than five thousand people lost money when the bank collapsed in 2002.  Durham and his associates were convicted of spending investor dollars on lavish homes, yachts, and cars.   Durham’s lawyer John Tompkins says he still plans to appeal the conviction.